MarilynG1
Expert Alumni

Investors & landlords

If you did not originally enter these assets as depreciable items for your Rental Property, you don't need to enter them as part of the sale now.

 

Perhaps you expensed the items when the costs were originally incurred?

 

If you have been depreciating these items, then you need to report them as sold also, along with the property.

 

You can take a reasonable % of the Sales Price to apply as the sale price of each asset.  

Some assets may be fully depreciated, depending on the type of asset. In that case, you may have a gain on the sale of that asset. 

 

For example, if you were depreciating a 5K roof and you sold the property for 200K, you could allocate 5% of the total Sales Price as the roof sale price. 

 

Click this link for more info Managing Business Assets

 

Here's some helpful info on Depreciation

 

 

 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"