Sorry for the delay.
The property has 8 assets on depreciation schedule.
First - The building and land are part of one asset with allocations for building & land. The land sale
portion is showing up correctly in Part 1. The building sales is showing up correctly in Part 2
This asset was typed an i-residential rental real estate and purchased in 2005.
Subsequently , I had purchased Roof, railings, A/C, Appliances, Hot water heater . These assets are are correctly showing up in part 2 4797 . They were all purchased before 2017.
The problem I mentioned above lies with the renovations purchased in 2018 and 2019.
Summarized as 2 assets (one per year) both have same asset type I-residential rental real estate
there is no land associated with it, but it has been depreciated 27.5 years SL /MM
But they are showing up on Part 1 of the 4797 along with the land. I dont believe this is correct. and I cant figure out why .
