I inherited property in Fl in and rented it, i sold it at end of 2021 what date should i use as acquired
You'll need to sign in or create an account to connect with an expert.
You would use the date you received the property as the acquired date. If the rental property is part of your tax return you would sell each asset inside the rental property.
The selling price should be prorated for each asset then entered for each asset when you indicate they were sold or disposed of. You will not lose the remaining depreciation because you will use the remaining basis against the selling price to determine gain or loss.
To figure out the selling price for each asset:
Use the original cost of each asset listed on depreciation, add those together then divide each one by the combined total to find the percentage of the cost for each asset. Use that percentage times the sales price and sales expenses to find the selling price/sales expenses for each asset.
Example: Original Cost (of each asset on your depreciation schedule)
$10,000 Land = 13.33%
$50,000 House = 66.67%
$15,000 Improvements = 20%
$75,000 Total = 100%
Multiply each percentage times the sales price/sales expenses to arrive at each individual sales price/sales expense.
I hope this example provides clarification to enter your sale.
You need to dispose of the property by telling TurboTax how and when it was disposed of. Follow the instructions below.
You might also review information here.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
taxdoofus
New Member
latefiler5
Level 1
mdminuto
New Member
Richard137
New Member
USM Professor
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.