I appreciate your help. It is quite possible that the problem is that I am making an incorrect assumption somewhere.
Turbotax wants us to enter “sales price” and “sales expenses” for each asset. I have simply been trying to understand what to enter for these amounts when there are not separate prices and expenses for each asset. How is my question unreasonable?
Critter-3 says “All sold assets ... divide the sales price and cost of sale between all the assets sold based on the % of the total basis.”
I don’t understand how this relates to how we derive sales price and sales expense. Turbotax does not ask for a percentage or total basis in that location.
Critter-3 also provides these figures but unfortunately does not explain what the numerators are and how to determine them. Are they the original prices I paid for them? Are they the original cost minus depreciation? Total depreciation? Or something else?
House 100 / 160 = 63%
land 30 / 160 = 19%
cabinets 20 / 160 = 13%
doors 10 / 160 = 5%
total 160
What is the relationship between these ratios/percentages and what Turbotax wants? How do they help me determine sales price and sales expense? (If “sales expense” is for all of the costs associated with selling the property, it doesn’t seem like Turbotax would need to ask about this for each asset since all assets are already associated with the property. But maybe I am missing something.)
I hope that someone will be willing to answer my questions.
