First of all, the assets have not been "on the books" since I started using TurboTax. It is a sale on a property that was retired from service (consider the business as "closed") many years ago. Furthermore, if TurboTax keeps a disposed property "on the books," then maybe I need to look around for another tax program that doesn't do that.
Secondly, the capital gain on the land IS recorded, as is the full depreciation recapture. I don't even know how one would NOT record the capital gain on the land if the entire sale is recorded on Form 4797, Lines 20 through 24.
Maybe my question isn't clear but, I don't know how to interpret your answer. I think I just need someone to tell me if I'm still paying the proper amount of taxes by not allocating the sale, rather treating it as one disposition. Or, if it will raise a red flag. Many CPA websites claim that the allocation can be avoided by a single disposition of the property.
@DianeW777 where are you?????
https://ttlc.intuit.com/community/user/viewprofilepage/user-id/2903090
