Thank You Robert . Where do I find my assets list? On my 2020 return, the asset entry worksheet reports only my purchase cost with the land included in my purchase price and my prior depreciation(ie 55,000 total cost- cost of land 20,000) My amortization and depreciation report shows the amount for building, plus one of the four items that have been fully depreciated .I had some help with an expert yesterday. She used the amount showed under depreciable basis, added up the cost of the fully depreciated items plus expenses and other cost and did the allocation between the cost of the building and the Land. I do not feel comfortable with that because all the Guidance I read on this forum says that the selling price should be allocated across all depreciated items and we should dispose of every items and show a gain of at least 1$ on each item. How can it be done that way if the reported list of assets only shows one assets. Do I have to go to add assets and manually enter and dispose of every one of them.Maybe her way is the simplest way of reporting the sales since she was helping over the phone, but I wonder if the IRS will except. We did not open the add an asset part nor the expense part. I would like to get your opinion if I should file the tax the way she did it or go back and do it the proper way. Your help is very much appreciated. Looking forward to hearing your opinions .
