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Investors & landlords
Yes, you are correct on how to allocate selling price and selling expenses to each asset.
As far as the appliances you should also add a selling price and expenses to them unless they really have no value. If so, you can enter zero as the selling price and the depreciation expense will automatically flow to the Schedule E up to the date of sale. Any remaining balance would be reported as a sale with zero selling price which would show a loss for any remaining depreciation/cost of the appliances.
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March 6, 2024
9:36 AM