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How to calculate & report in Turbotax the sale of assets that belong to the sold rental property? By assets I mean assets like appliances, improvements, etc inside of the sold rental property, that were depreciating and not expensed? Do I need to allocate the sale price between the house and all the other assets? Is there any instructions on how do it and how to do it in Turbo tax?
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In a perfect and purist world, you should be allocating the sales price between each of those assets -especially if you depreciated per asset. But most people, do whole property depreciation ( because buy with those appliances in place and sell in the same manner) and therefore do not go through the pain of allocation.
In a perfect and purist world, you should be allocating the sales price between each of those assets -especially if you depreciated per asset. But most people, do whole property depreciation ( because buy with those appliances in place and sell in the same manner) and therefore do not go through the pain of allocation.
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