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Get your taxes done using TurboTax
I followed your clear directions. Now the asset is shown in the "Asset Entry Worksheet" as "sold, given away or abandoned" on the date I entered (TurboTax accepted only a date in 2022), and is still present in Form 4562 (Depreciation and Amortization Report). This may be a minor issue, but my original intent was to simplify Form 4562 and to reduce the number of Forms in my tax return. I am now tempted just to leave all the assets in TurboTax as is. Their contribution to the value of the condo is probably negligible in comparison to the appreciation of the condo (building) itself, and should be classified as replacement/maintenance rather than improvements. Carl, I value your input. I know that you can't give tax advice, but what is your take on my approach?