2951733
Hello. Property A on Sch E was sold last year. Prop B new asset depreciation showed up in Prop A column. How do I move all of Prop B to Prop A column on Sch E? I can move Rents and Expenses, but how do you move Depreciation Schedule info? New asset depreciation is in Prop A column, pre-existing depreciation is in Prop B column.
Thanks!
You'll need to sign in or create an account to connect with an expert.
When you sold property A in 2021, TurboTax would have automatically moved your Property B into the A column. If that is not happening, you may not have "sold" or entered in TurboTax some of the rental assets properly to clear them out of TurboTax. Since the assets have a balance, i.e., depreciation, TurboTax is still carrying them forward.
You'll need to print out your deprecation schedules to see which assets were not "sold" and are still lingering. You may have to amend your 2021 income tax return(s) to record the sale and zero out all the Property A assets.
Please see Critter-3's previously posted answer on how to allocate the gross rental sales price to the sale of each rental asset. Click here.
In TurboTax, for tax year 2021:
Another possibility.
Where did you report the sale on your 2021 tax return? If you report it in the Sale of Business property or section other than Rental & Royalty Income, that does not remove it from the SCH E. It would still be imported into your 2022 tax return and you'd have to manually delete the property from there.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
ramseym
New Member
DallasHoosFan
New Member
eric6688
Level 1
user17538342114
New Member
alvin4
New Member