Thank you, but again, accountant talk. This area that others I I are talking about (the sale of a rental property after years of reporting with TTX). We need to get through this, and we will be done.
The cost basis of the home (minus the "land") is already entered as an asset. We report the sale and the sale price in the program after indicating that the property was sold in 2021. That sale amount would be reduced by the sum total of various assets that we do not dispose of (another how to question we have asked for guidance on). As to the remaining assets like the roof and AC units. They already have a cost basis entered. You are saying that TTX requires us to add at least $1 to that original price already in as the asset, and use that number as the "sale price", not just 1$, but the total of $1 and the original purchase price of the asset? And then that number would be subtracted from the house sale sum total (what the house was sold for). And somehow figure out the land vs structure value. This is where TTX isn't making this easy for us non-tax accountants. This is where some step by step would help, which gets us all back to our original questions. Simply, how do we report the sale of a rental, and get through it correctly? Be nice if a TTX employee would weigh, or we could get some step by step guidance. We can do it, just guide us and point us in the right direction. We don't want to shoot ourselves in the foot, but we also don't need to stir us the IR s.
