On the sale of a residential rental property, you go to the ‘Sales Information’ screen for each asset, and there is a field called ‘Property Type’, on which you can select from the following:
- Sec 1245 – Trade or business property
- Sec 1245 – Cattle or Horses
- Sec 1245 – Other livestock
- Sec 1250 – Real property
Question: Should ‘Sec 1250 – Real property’ be selected for all the assets including new fixtures and appliances such as new HVAC, new carpet, etc. ?
