- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Thanks for the reply!
Could you please explain why there was no casualty loss? The kitchen was vandalized and destroyed by the ex-tenant. It was no longer there and made the apartment unusable. On top of it, there was insurance payment involved (I just realized it creates a whole new level of complexity), there will likely be tax forms from insurance company, which would force me go into casualty losses area one way or the other.
As for segregating the asset, I am referring to something like this:
https://www.thebalancemoney.com/partial-dispositions-3192873
I've done the calculations for the basis and adjusted basis of the replaced kitchen and the rest of the apartment. But what is the intelligent way to replace the original asset with two in TurboTax? So far, I manged to delete the original asset entry manually and put in two new entries, also manually. And then put the cost of new kitchen as a separate asset item. Is that the right thing to do?
Thanks!