ThomasM125
Expert Alumni

Investors & landlords

It would be best to report the sale of each individual asset, as @Critter-3 suggests. If you do it that way, you will have to prorate the sales proceeds to each asset. For example, you would have to allocate a portion of the sales proceeds to the house and another portion to the other assets, so that when you are done you will have reported all of the sale proceeds.

 

Also, there is an option in TurboTax to make one entry for the sale of the property. If you choose that option, you would have to calculate the total cost of the assets you depreciated and the accumulated depreciation allowed on them up to the time of sale. You will see that option when you are on the Let's gather your business info page where you will see Sale of Business Property. This option may work OK if you didn't have any special depreciation, like section 179 expensing, and if you aren't dealing with alternative minimum taxes.

 

 

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