I sold my rental property in 2019. So how do i fill out "Your property assets" form? some items are fully depreciated and others are not. What do i do with this form?
I sold my rental property in 2019. So how do i fill out "Your property assets" form? some items are fully depreciated and others are not. What do i do with this form?
Follow these directions.
At the screen Your property assets, click on Edit for the rental property.
At the screen Describe this asset, click on Rental real estate property.
At the screen Tell us a little more about your rental asset, click on Residential rental real estate.
At the screen Tell us about this rental asset, enter the cost, cost of land and date purchased. (Land is a portion of the cost of the property.)
At the screen Tell us more about this rental asset, click on I purchased this asset new. Have you used this item 100%, click Yes.
Click on The item was sold, retired, stolen, destroyed, disposed of, converted to personal use, traded in, or given away.
Enter the date sold or retired from use.
At the screen Confirm your prior depreciation, verify the prior depreciation computed.
Continue through the screens
At the screen Sales Information, enter the sales price.
Proceed through several screens until you end back at Your property assets. You may have several assets to retire or report as sold. Cycle through each asset.
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