Carl
Level 15

Investors & landlords

If the furniture was sold separately from the rental, and that furniture is listed as an asset for the rental property in the SCH E section of the program, then on the SCH E you would indicate the furniture was removed for personal use.

Then the sale of the furniture would be reported separately in the "Sale of Business Property" section. Since that furniture is aleady fully depreciated, you just give it a cost basis of zero, and claim zero depreciation taken. This will result in the sale exact outcome, as if you put in the price you paid for that furniture, the amount of depreciation will be exactly the same as that price you paid for the furniture. So they basically cancel each other out giving you a cost basis of zero anyway.

On the "Any Other Property Sales?" screen select that it's the sale of Business or Rental Property.

On the "Sale of Business or Rental Property" Screen click YES

Then on the next screen also titled "Sales of Business or Rental Property" enter a description for the furniture, followed by the date you acquired the furniture. (Doesn't have to be exact)

next, the date you sold it, followed by the sales price.

For the cost of the furniture just enter a zero since it was already fully depreciated, and for depreciation taken you should enter a zero too.

On the next screen select "Property other than real estate that I took depreciation on" and continue working it through to the end.

That will take care of it.