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How do you account for the sale of a capital asset (roof and gutters in my case) when selling a rental property?
Under the assets section of the property, I have the property and an entry for the new roof and gutters. The original cost for the roof was $7,000 and it's been depreciating for the last 3 years.
Now that I've sold the house, I entered the sale price and expense on the property but I have to close, or somehow include the roof. TT won't let advance without putting a sale price on the roof (I tried $0). Preferably I'd like to account for the loss to decrease the gain/ tax burden.
Now that I've sold the house, I entered the sale price and expense on the property but I have to close, or somehow include the roof. TT won't let advance without putting a sale price on the roof (I tried $0). Preferably I'd like to account for the loss to decrease the gain/ tax burden.
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‎February 17, 2020
11:01 AM