Community, still looking for assistance on this subject.
The last reply was from DianeW777 on this thread.
By selling expenses you are referring to real estate commission and closing costs.
These should also be allocated to residence, land and appliances in the same percentage allocation.
Is this correct?
The $143.61 that was not fully depreciated from the appliances.
Is this added to the basis of the rental property or how is this treated?
Since both appliances are in the 4th and 5th year of depreciation could they be recorded as seen in the example below.
Example:
Appliance is the actual cost of the appliance when purchased.
The gross sales price is the remaining amount of the appliance that has not been depreciated.
Gross sales price $101.57
Cost of appliance $767.93
Depreciation taken $666.36.
Adjusted basis $101.57
Total gain would be zero.
Appreciate your help with this.
