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How do I dispose of an asset I created in TurboTax this year?
I sold a rental property last year and in the process of working on my taxes, I've realized that I forgot to enter a major land improvement I made a few years back as an asset when I first made it. :( It looks like I can easily add it to my TurboTax information this year and it accounts for the missed depreciation and all that. The issue is that since I sold this house last year, I need to be able to say I disposed of the asset too but it looks like there's no way to do that with an asset that I just created. Is there a workaround for this? One thought I had was to just enter the improvements as an expense for this year but that's not quite technically correct and it's a pretty big chunk of $ for an expense.
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March 27, 2022
8:35 PM