Purchased a rental property and put it into service in 2016. Did two substantial renovations, one each in 2017 and 2018. These are tracked in TT as separate assets with depreciation separate from the "parent" property. When I tried to follow the interview for reporting the sale of the home, it started asking me questions about the specific assets, which I wasn't expecting. Isn't the program supposed to compute things like depreciation on the "sub assets" automatically when you report the sale of the main property? It's entirely possible I got onto the wrong track somewhere but I'm not sure how this is supposed to work.
Or is the mechanism here that you "edit" each of the individual assets to report that they were all taken out of service (i.e. all the improvements were sold with the property...) and then you also report the sale of the main property in the business rental sale interview?
When the interview asks "how much depreciation was taken on this property" -- is that the total that's been allowed/reported for all previous years, or does that have to be adjusted somehow in the case that some of these losses were disallowed?
