I am in the midst of selling all my rental properties. For the sake of simplicity I will use just one.
I sold a rental Property that I owned since 2010. In 2013 we had a Hailstorm and I received an Insurance payment. I reduced my basis on the original asset like directed through the program and then added in the repair of the roof and siding as a new asset. I sold the property in 2022. I also had other assets that I depreciated for this property. How do I dispose of them and make sure that I capture the correct basis (and depreciation ) for this property. The program asks me about the sale of the property and I included that for the initial asset. I am unclear what to put in for the rest of the associated assets.
