I have read posts that I must show a gain on each asset since I sold the property for a profit. Is that accurate?
How do I calculate what that gain will be to allocate to each asset?
On the Sales Page of turbo tax, am I supposed to put in not the actual sales price we received for structure and land, but the sales price I calculated for structure and land (subtracting roof, water heater, etc)? I separated selling fees between land and home.
The equipment that was used and depreciated to maintain the rental will now be converted to personal use, like mower or chainsaw. They are not included in the basis right? I chose "special handling" in the program for those.
If I can get specific responses to get past this assets page and figuring basis, and which blanks in the program they go in, I won't have to go to our attorney instead who I have scheduled. I am not confident in the sale of the rental property section, especially the assets being recaptured I placed there and finding correct basis. Thank you for your help.
