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Level 2
October 11, 2024
Question

Selling 3 rentals purchased on different dates

  • October 11, 2024
  • 3 replies
  • 24 views

I purchased 3 parcels of rental property on 3 different dates, 3 different years, sold all three parcels in one sale.  How do I report the dates of sale, cost of property, and depreciation for tax reporting? 

    3 replies

    Level 15
    October 11, 2024
    No text available
    Lucy516Author
    Level 2
    October 11, 2024

    I purchased the first parcel with rental house in 2006, second adjoining land only parcel in 2008, and third adjoining land parcel only in 2012. I sold all parcels in one salel in 2023.  I entered the rental income and expenses including depreciation under the first parcel, as the remaining 2 parcels were vacant land.  Maybe I should have entered the 2nd and 3rd parcel separately but I can't change that now.  Any suggestions would be greatly appreciated. 

    Level 15
    October 11, 2024
    No text available