SOLD RENTAL PROPERTY and TT has depreciation listed twice.

[Ursongbird]

Depreciation listed twice since purchase of our rental property. One has the info I initially entered and one says "residential" that I'm not sure where it came from. We sold the property in Dec 2019 and need to show it as sold and close out the depreciated assets. I'm stuck.  

[KarenM90]

Please check to see if the sale was listed under "Home Sale" under Income & Expenses?  This section is generally for sale of your residence and is not related to Schedule E rental property. (see the last section of the screenshot below)

If the sale of your rental is listed there, delete it. and open the section that says Rentals, Royalties and Farm and record the sale there:

1. When you get to Is This a Rental Property or Royalty? select Rental property and fill out the description, address, and owner.
2. When you hit Do Any of These Situations Apply to This Property? check the Sold box along with any other boxes that may apply.
3. Continue following the onscreen prompts to enter info about your rental property. Eventually you'll get to the Review Your [Property] Rental Summary screen. You can report the sale in the Sale of Property/Depreciation section, along with any other pertinent info (like income and expenses)

Here is a TurboTax article that includes a few more details:  How do I report the sale of my Rental?

[Ursongbird]

That's where the property is listed twice. In the depreciation assets screen along with the carpet and refi fees we had to depreciate over time.  It has caused the depreciation amount to be more than it should've been through the years and I didn't put it there twice! I can't figure out how to get rid of the duplicate and recapture the full incorrect depreciation amount taken to close out the sale.  

[ThomasM125]

When you go to the entries for your business, you should see a screen that says "Let's gather your business info." You need to click on the "Update" box in the "Rental Properties and Royalties" section. Then "edit" the rental you want to work on.

On the next screen, you will see an option "Assets/Depreciation" , click on that option. On the next screen you will see an option to go to the asset summary page, where you will see your assets and there will be an option to delete them.

[Ursongbird]

Ok, so just delete the duplicate asset and combine the total depreciation amount for recapture? 

[ThomasM125]

Yes, you will need the accumulated depreciation to figure the gain or loss on disposition of the vehicle. 

[Ursongbird]

Ok, @ThomasM125 this is in regards to our rental property, not a vehicle. Same applies still? Tks 

[ThomasM125]

Yes, sorry, same applies to whatever you are selling!

[Ursongbird]

Thank you , could you also help me by telling me WHERE to enter and WHAT to enter into our cost basis? 

[KarenM90]

Once you have the duplicate assets deleted you can go through the steps I posted previously, as indicated in this Help Article:  How do I enter the sale of my rental property?   These steps will get you back into the section that will walk you through the disposal of the property.

Be sure to indicate that you have disposed of the rental property itself.  Any additional assets that are associated with that property one at a time, using a sales price of zero (because the sales price of the property will be entered in the disposal information for the building/land portion.