Sale of Business Property Form 4792

[William104]

This year, I sold a rental property I've owned for 42 years. I am having difficulities with entries on Form 4792. Due to the lost of my tax records prior to 2003,  I don't have the information on my depreciation taken on the property. So I have recreated the list of assets that I think I had over the years for the property. From this list, Turbotax creates the "Asset Entry Worksheet". 

I have 12 items in my asset list including the House and multiple entries for flooring, appliances and 1 for a driveway. Only the driveway is still being depreciated. When I look at the Worksheets, I see 9 of the sheets highlight errors.  The 3 common errors to all 9 are "Prior Depreciation"(in red), "Date sold..."(in red) and "recovery period"(box is pink).  I have indicated all items were fully depreciated and this is the number shown in red on the worksheet.  I had indicated the date sold/discontued use date beyond the depreciation period and this is the date the worksheet shows in red. For recovery period, I did not see any questions asking for that. I would assume TT would enter that based on the asset type(5 years). Additionally, 1 of the 9 some  appliances I purchased in 1999, also has the "elect out of special depreciation allowance" yes  box cheked in red and the no box in pink.

Further, when I look at the Sale of Business form 4792, on;y 5 of my 12 assets are listed (the house, driveway, refrigerator from '89, flooring from '96 and appliances from '99.

Other than the driveway everything is fully depreciated. When I added each assets to the recreated list, I answered all the questions bascially the same except for dates and costs. I indicated evrything was fully depreciated. So I don't understand why I am seeing thr errors. One example is in 1989 I added 2 seperate  assets on the same date, a stove and a refridgerator. The asset worksheet for the refridgerator is error free but the stove worksheet has the errors.

The house, 1989 refrigeratorand driveway are the only error free worksheets.

Please let me know what I am doing wrong.

Thanks

[MarilynG1]

Since we can't see your return in this forum, it would be difficult to surmise why your Asset Worksheet for a rental property refrigerator would be different than one for a stove.  If you entered the Date you started using the Asset, the Asset Cost, and the Asset Type, the Prior Depreciation Amount should calculate for you.  You would use the same Date Sold for the Assets as for the House. 

In FORMS mode, can you enter the correct info where the errors are showing? 

I would suggest you work with TurboTax Live in correctly recreating your Rental Assets, calculating depreciation amounts, and final disposition by sale. 

Here's a Community Post regarding Form 4797, Sale of Rental Property Assets you may find helpful.