To keep things simple, when allocating the sales proceeds to your assets, assign the current carrying value to each asset except for the house and the land (and any other significant item such as an improvement to the property). For assets such as fully depreciated appliances, apply a sales price of $0.00. This will result in no gain or loss on all assets other than the house and land. All of the depreciation recapture will be applied to the house/structure, and any improvements.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
