@pdedes
I feel your pain and frustration. I have been a TTX user for nearly 20 years, and it has faithfully been tracking my rental properties and other financials. In 2021, I sold 5 of my properties and am facing the issue you and others have described over the past couple days (I, being one of them). The key thing I have taken away from Carl's responses is that it is the TTX program, not the IRS, that does not properly handle the depreciation recapture of the assets associated with a property. We have to play with the sale price of each asset to convince TTX to report properly.
@ednamanager
Turbotax makes it very difficult to report sale of a rental home. One of my "assets" was a roof I am depreciating and I cannot figure out what to put in the boxes relating to price of sale of this "asset".
You need to make this process easier. This is the first time I am having to take my taxes to an accountant after many years with Turbotax.
@Carl
I thought everyone was saying add a $1 to the original cost.
No. I said to add ***AT*** ***LEAST*** $1 to the original cost.
To each above, thank you for being understanding and patient with us. We all do not come from an accounting or tax background, and thus we are speaking different languages, and different understanding of various terms. Yes, I agree with @pdedes and @ednamanager, and would like to know if they found the answer to what $ figure needed to be entered? I attached the 2021 Form 4562. All but a couple have a current depreciation value of $0. Those that do, with the exception of the structure, have a value no higher than $35. And frankly, they were in such poor condition or dead, that making them part of the sale would be silly. So I need to know how to dispose of them, prior to sale, or figure a selling price (IE: $1 over original cost? - except the structure, which sold at a gain). So do I go down this list, and sell of all assets, including those fully depreciated, and with a $0 current value? And add $1 to their original cost as the selling price? One thing is for sure, us novices, doing this for the first time, even though we have been using TTx for 20+ years, will be a bit more educated in the terms and language not common or familiar to us. And appreciate the expert's patients and understanding. Now, if TTx would just make this easier 🙂 Attached sheet
@Carl
@pdedes
@ednamanager
