I hope you can help. Using turbo tax Home & Business
to report the selling of my rental condo, I first have to go through all of the assets--So you go to your Asset/Depreciation and click on UPDATE. Then it takes you to your Asset Summary (List of all Assets). Then you go to EDIT on each asset and click on CONTINUE. Then it asks if the asset of sold, stolen, etc. you click YES. Then it goes to Disposition info (Date of Sale and Date Acquired. Then if goes to the Special Handling Screen you click NO (even though the last question is "This asset was a rental, a home office, or a home office improvement within a home. After clicking NO it goes to Enter Asset Sale Info--Sales Price and Sales Expense.
Question #1-- if the asset was included in the sale of the Rental Condo, what amount would you put in the Sales Price and what amount would you put in the Sales Expense?
Question #2--When you get to the Asset (the Condo itself, would the Sales Price be the amount you are selling the Condo for? And in the Sales Expense would that be the initial cost of the condo plus improvements, assessments, (is there anything else)---Is this correct. If not can you please advise. I would deeply appreciate any help. The Turbo Tax Help does not real explain this very well. [email address removed]
