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When a rental property is sold on the company books I include the current year depreciation in the basis and gain calculation. It seems that TT is backing out current year depreciation for the properties which have sold which makes TT depn not match books. Do I need to back out current year depreciation from the basis I am entering in TT? Be kind if this is a really stupid question. Tax time is getting to my brain.
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Is this the Business program? You probably have to make a manual adjustment.
depreciation should be taken in the year of sale. the only exception is personal property bought and sold in the same year like a stove or fridge.
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