There are several problems with those suggestions. The assets (home, roof, and golf cart) have had depreciation and linked with the Schedule E rental income and expenses for past years. I feel I have to resolve the sale of those assets through the rental income section, not as business income. Also the golf cart was used 95% by renters, only 5% personal use. Other posts have stated have suggested rental furnishings, which the cart is categorized as, can be reported as zero sale price and take the short-term loss.
I think have figured out how to report everything by going through the asset sales in TT and reporting each asset's business profit through a spreadsheet I created to individually track the adjusted basis, selling price, and selling expenses for the building, land, roof, and golf cart . I broke down the personal use for each year I have owned it and applied the average of 94%. That way TT handled the completion of the right forms using the numbers in my spreadsheet as long as I said No to special handling for various personal usage every year. I then created an entry in the Investment Income section for the balance of gain (6%) on the sale. If this is all acceptable to IRS rules, I just may need to explain somewhere how it all reconciles with the 1099-S when I get it for the sale.
