Thanks for the answers, especially about selling the assets on Schedule E. With regard to selling those assets, they covered all the improvements to the property, all of which were being depreciated.
I'm a bit unclear about the Sale Price for each asset on Schedule E, listing the original cost as the Undepreciated Basis. Is the Undepreciated Basis the same as the original sales price? The "Cost" and "Depreciable Basis" appear to be the same thing on form 4562. I may be missing the point here.
It seems odd to list the sales price of a dishwasher (purchased in 2006 for $665) to be the original price of the appliance. If I put that into Turbo Tax, it comes out as a gain of $665. Would the IRS expect a more realistic price since it sold in 2022? This ties into your statement "You will need to allocate a portion of the Sales Price to each of these assets to close them out." Would I reduce the actual condo sales price by the $665 to "allocate" this amount? I'm obviously a bit confused here. Could you elaborate a bit more?
Thanks.
