I sold a rental condo in 2021 that I’ve depreciated for 13 years. I’ve used TT for all of the years, so it has retained all of the cost & depreciation information from the start, everything. There is a long list of assets that I entered when it was purchased, they include renovations (eg. Kitchen Reno, master bedroom Reno…), furnishings, appliances, etc. PLUS there is an asset entry for the condo building itself. I understand that for the sale of this condo, to get accurate gain and depreciation recapture, I need to allocate the sold price of the condo across all of the assets. So, for each asset (except the condo building asset itself), I answered “yes” to the question “did you stop using this asset in 2021”, entered the date of sale, then entered for the “sale price” the cost of the asset I initially entered when it was acquired. The sales prices of these assets (except the asset condo building itself) totaled $53,971. Since we sold the condo for $500,000, I subtracted $53,971 from $500,000, and that is the sales price I entered into the condo building itself asset, so that all assets, including the condo asset, would total $500,000. Did I do that correctly? Or should I still enter $500,000 into the “sales price” field of the condo building asset itself?
