Hello Carl,
I sold 3 rentals in 2019 and purchased 1 property thru a 1031 exchange. Hoping I can figure out my taxes with Turbo Tax.
How did you arrive at the sold for price of the house, roof and A/C? I understand the land price.
Thank you!
So here’s how I’m going to allocate my sales price, ensuring that everything adds up to EXACTLY $100,000 (the price I sold the entire property for)
Asset I Paid I sold it for
House $40,000 $68,000
Land $10,000 $20,000
Roof $5,000 $6,000
A/C $5,000 $6,000
Totals $60,000 $100,000
