Need some help in regards to a "subasset" from a rental property I sold
This rental property was 100% rental no personal use.
Two questions:
1. Do I need to go into all the depreciable assets for the rental property I sold and close them out
by stating YES to ..."Did you stop using this asset in 2023?" I ask this because some of the assets are old and the depreciation is 0.
2. One asset that is still getting depreciation is SIDING...that was put on at a cost of 10K
Prior depreciation about 6K and have almost 300 in 2023 depreciation
---- TT asked "Did you stop using this asset in 2023?" YES
---- TT wanted disposition information
Date of sale (I put the date I sold the residential rental property)
Date Acquired (I did not change this date used when siding was put on July 2014)
--- Special Handle Required? Screen showed up
Select YES if any condition apply:
The conditions I'm not sure about are...
-This is an INTANGIBLE ASSET not considered section 1245 property ?? I think the answer is NO
-This asset was a rental, a home office, or a home office improvement within a home? I think this is NO
(I did not rent the siding. it was not part of a home office and not a home office improvement)
I clicked on NO (Special Handling Required)
TT screen has
Home Sale
Address of rental property: New Siding
Question: Was this asset included in the sale of your main home? I answered NO to this question.
(My assumption is TT is asking if the siding was part of the home I am living in which is odd
because I am in RENTAL acty. OR is this just an odd way of asking is this part of the residential rental property you sold.
-----NEXT Screen
Sales Information
Address of rental property: New Siding
Sales PRICE (Business Portion Only): HOW DO I COME UP WITH THIS...ORIGINAL price- all Depreciation
Sales Expenses (Business Portion Only): I think this 0
Property Type ?????
Sec 1245 - Trade or business property
Sec 1250 - Real Property
Between Sec 1245 and Sec 1250 what would I pick for SIDING on the residentional rental
NOTE: I used the amount I paid for the siding (10K) minus the depreciation over the years ($6300 includes this year depreciation) = $3700 that was not depreciated so I used this as SALES Amount
$3700 For the SALES amount
TT NEXT screen is
Results
You have no gain or loss on your disposition of new siding
I would still like to take off the 3700 as a capital improvement or something.
Does TT do this in the background? or Do I add this (3700) somewhere else?
What am I doing wrong?
thanks in advance
