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Investors & landlords
Appreciate the help. Thanks.. I see the mistake on the classification of the furnace but I know it's still not clear to me. I'm assuming I'm suppose to close out or report the disposition of all the open assets with the sale of the property. This is what I did for the roof. I put on a roof 7/30/06. Classified as Residential Rental Real Estate. Cost was $15,500. Had prior depreciation of 8,151. Sold the house 10/20/21 Acquired 7/30/2006; no special handling; not sale of main hime; sale price 0; sale exp 0; Did not use as personal residence; Calculated a Loss 6,903; depreciation 446. It then said it will transfer these acts to the correct forms for you. On the asset wrk sheet under section 199a found Long Term gain/ lose -6,903. $15,500 - 8151 prior - 446 current year dep = 6,903 that is left on what I spent on the roof. From what I'm reading I'm not entitled to the loss of the $6,903? Again, I really appreciate the help.