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Asset Disposal of Carpet in a Rental Home
I am carrying an asset for carpeting that has been removed from a rental home and would need to dispose of it on the depreciation schedule. Do I need to answer yes to the "Special Handling Required Question"? Does this need to be reported as a Sec 1250 property? I find that the statement in TurboTax of "This asset was a rental, a home office, or a home office improvement within the home" to be confusing. No, I didn't rent the asset (I owned it), but I did in essence rent it to others. I guess this could be a little more descriptive within the program. The "Help" associated for this item seems specifically to discuss items related to the home office deduction. Please help clarify. Thanks
March 9, 2021
11:30 AM