I am filing my 1065 using Turbo Tax business desktop.
Had a fire in a rental in July 2023. Got reimbursed December 2023 - on the depreciation table the property was $65,000 basis in the building, 15,000 in land - and about 6500 in depreciation. Building itself was badly damaged - insurance paid me $95,000 - so ended up with a gain of 32k. That was paid out in December of 2023. I got with some contractors and it would be much more to fix, so I sold the property in January 2024 for $20,000. Now the issue I have is when I go into TT and select the "dispose of rental assets" and go through and select all the appropriate boxes to show a casualty loss and subsequent gain, it shows the property as sold as the undepreciated postion of the building was used to offset the insurance payment. The land is still left on the depreciation table but shows the asset is completely disposed off from what I can see - how do I set this up? Do I go into the depreciation table and split the land and building and then dispose of the building? Am really at a loss here -
