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Investors & landlords
yep. that is an issue with Turbotax. professional software allows mass disposition by allowing the linking together all the assets common to the property sold. so on form 4797 it looks like only one asset was sold. I won't argue the merits of this because some will argue the fair market value of each asset should be determined and thus the sale of each asset would be reported separately.
your options are to enter the FMV of each item or use another reasonable method to allocate the sales price and selling expenses. the only way to get rid of an asset for a property that was sold is to delete it or indicate it was sold. just an FYI, if audited by the IRS, it could challenge your method if FMV is not used.
‎August 24, 2021
6:02 PM