Thank you..... Your advise contradicts what others have said, and that's why we layman uses get confused.
I have assets that have been fully depreciated, and those still being depreciated. Vacation rental put in service in 2009, and sold in 2021. Along the way we have a roof in 2010, and an AC unit around 2013. I have been told that I need to add at least $1 to the original cost, and use that number as the "sale price" for each asset? ( the way it has to be does because of TTx programing). Is that true? You say use $0 as a sale price. So either I use $7,001 as a sale price, or as you suggest, $0. And do I do this for all assets (fully depreciated, and still being depreciated)? This is where our confusion set in, as all we want to do is enter the date properly, so we do not run into trouble with the IR s. All I want to do is to get through the sale of a vacation rental (2009 - 2021) with assets that have been disposed of, and some, still in use, that are fully depreciated, and some still being depreciated. Thanks
