I sold my primary residence which included metal out buildings for a business I had from 2004 through most of 2019. I had included these buildings as part of the annual business expense through depreciation.
How do I account for the buildings as part of my home sale?
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You should treat it as two separate sales.
On your business schedule you should report the sale of the business assets.
The sale of the home should be reported separately as the sale of a home.
Allocate the sales price between the two.
I need a bit more guidance. I rec'd a 1099-S from the Title Company since I mentioned the buildings on the property were strictly used for business and recorded as such.
I understand about allocating a portion of the sales price and closing costs to the assets sold under the business section of Turbo Tax.
How do I report the sales of the home? It states on TurboTax that I report the sales price that is reported on the 1099-S. If I do that, won't I be doubling on the assets sold value?
What do I enter for the home sales price?
Thanks!
If you want to enter the 1099-S as it is reported for the sale of the house, enter the amount of the sale proceeds that you are allocating to the business asset as a selling cost for the house.
You will need to recapture the depreciation on the out-buildings.
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