Sold my rental. I disposed of the "improvements" listed as best I know how. I did not manually enter any of the depreciation numbers. Just the sale numbers as part of my rental sale.
After running the errors check I got the following errors:
Error: Depreciation Method Is Incorrect. The box populated with the 200% Declining Balance.
Opening the box reveals other choices:
150% Declining balance
Straight Line
Prescribed ACRS
Alt Method
125% Declining balance
Error: Prior Depreciation is too large. For disposition calculations, depreciation cannot exceed business basis
Error: Recovery Period Must be entered
The only thing I can think of is that I changed how I classified those assets differently after realizing I may have misclassified them originally. Suggestions?
