I am entering the sale of a rental property using TT Premier 2022 desktop.
I have a lengthy depreciation report going back 15 years.
On the Asset Entry Worksheet, these items are classified as Asset Type F- Rental Appliances, Carpet Furniture
All items were depreciated using SL method.
Some benefited from Special Depreciation Allowance (SDA), but not all.
The number of years varied from 7-27.5 years (depending on what previous accountants determined to be correct at the time.
- Air conditioners
- Pool Heater
- Carpet
- Fence
- Oven (built in)
- Ceiling Fans
- Pool Remodel
- Renovations
- Loan Fees
In the step by step instructions, TT asks if the property is:
- Property other than real estate that I took deprecation on (which flags it as Section 1245)
- Real Estate that I took deprecation on (which flags it as Section 1250)
Obviously the BUILDING is entered as Section 1250 real estate. But what about all the other assets on my depreciation schedule? Are they also Section 1250 or are they Section 1245?
