turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Yates4728
Returning Member

Remaining depreciation left on assets after rental bern sold

I have remaining depreciation on assets,  rental sold. How is that dispose  and how is remaining  depreciation is file

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
KrisD15
Expert Alumni

Remaining depreciation left on assets after rental bern sold

I'm not sure I understand your question. 

When you sell business or rental assets, you may need to recapture depreciation.   

 

If the asset was not fully depreciated, that would just mean the adjusted basis would not be adjusted for the unclaimed depreciation. 

 

For example, lets say you had a rental and added a stove. The stove cost $600 and was depreciated $200. That would leave an "adjusted basis" of $400. 

You sell the stove for 500, you would have 100 depreciation recapture. The remaining 400 depreciation does not matter since you used the 400 as the basis. 

 

If you sell the building with the stove included, you would allocate part of the sales proceeds to the stove and the rest to the other assets, the building and the land.

The easiest way would be to allocate 400 to the stove so you would just zero-out that asset and deal with Depreciation Recapture and Capital Gain (if any) on the sale of the building and land. 

 

If this is not what you are asking, please continue the question.

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies