Well, we are in agreement. I was indulging in wishful thinking. Not serious about the free version, having had my own business, and worked for several startups, I know how these things work. Even though I'm not a particularly good businessperson.
I am now working through the asset list, which is annoyingly long, and have a couple questions.
1) You said: "Then if you sold this rental at a gain, you must show a gain on all assets, even if that gain is $1. " Why is that? I can do it by reducing the selling price of the primary asset, the house, by the undepreciated value of the other assets. But what is the problem with just leaving the value in the house and putting the value of the asset at 0, which would make it a loss and I would think, subtract off the total?
2) I had a refinance cost in the list as an intangible asset, which has no depreciation. What is the correct way to handle that?
BTW, I couldn't have done this without your help.
