@jenv
@ednamanager
@jenv - You are correct. Many of us have felt and expressed the same issues and frustrations. And when we get multiple and conflicting answers, if we get any answers at all, - is as you stated - annoying. They seem to think we are all tax experts and certified accountants. And they get frustrated when we try to work through our issues, and try to understand. Perhaps we should speak to them using terms of our various professions, and then cop an attitude when they don't fully comprehend. They are suppose to be helping, but instead they talk down, and then after communicating among each other, they completely stop answering.
Something as simple as, I purchased the AC unit in 2009 for 4000. Sold in 2021. Fully depreciated to 0. Do I sell it, and enter 0? Do I enter $1. Or do I enter $4001? Very easy question. - Same as, in 2009 I purchased a range for $2000. Current value in 2021 of $10. Do I enter a sale price of $0? Or do I enter $11? Or do I do as previous, and enter $2001? Is adding $1 to the original purchase price, and then using that number as the sale price OK (allowable)? If TTx did its job, it would guide us through. With some saying forget the various assets, and put a 0 for each one, and just put the sales price and sales expense in the House/Structure asset, then others saying no that is incorrect, is there any wonder we are all scratching our collective heads? But it does not, and so we have to ask the "experts". One solid agreed upon answer and guidance would be truly appreciated. Doing the best we can, and hoping for the best -
BTW - This is another answer from a tax expert. Yet another way? Correct way? Yet different from others answers.
The house sale uses the sale price while the other items need to be marked as sold for $0. The point is to get the remainder of the money spent on those assets subtracted onto your tax return. Follow these steps:
- Return to your rental
- Go to depreciation section
- As you go through the asset summary,
- under Tell Us More, mark that it was sold, retired, stolen, destroyed, etc
- enter the date you stopped using it for rental purpose
- continue
- confirm depreciation
- special handling, select no
- sales information
- enter 0 for sale price
Do this for every asset not fully depreciated except the house since the house gets the actual sales price and sale." (and what of the assists that are at 0 and fully depreciated? Enter a 0 as well?)
