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Segregating two combined assets to claiming a loss for one

Rental property: I'm depreciating an A/C compressor and air handler installed several years ago as a single system. I paid a non-itemized price for the system. Last year (2020) I had to replace the compressor but NOT the associated air handler. How can I segregate the old compressor cost from the original combined system cost in order to claim a loss for that one item?

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Accepted Solutions

Segregating two combined assets to claiming a loss for one

Problem solved!

For anyone interested I found this answer in the TTax forums.

I discovered I needed to simply delete the original asset then add its constituent parts as outlined here:

https://ttlc.intuit.com/community/business-taxes/discussion/manu[product key removed]ciation/00/1317...

 

My thanks to EXPERT AnnetteB6 for this simple solution.

 

I was seeing the issue incorrectly. I was attempting (incorrectly) to modify an existing old asset. 

As always, things become much simpler once you see the explanation.

View solution in original post

1 Reply

Segregating two combined assets to claiming a loss for one

Problem solved!

For anyone interested I found this answer in the TTax forums.

I discovered I needed to simply delete the original asset then add its constituent parts as outlined here:

https://ttlc.intuit.com/community/business-taxes/discussion/manu[product key removed]ciation/00/1317...

 

My thanks to EXPERT AnnetteB6 for this simple solution.

 

I was seeing the issue incorrectly. I was attempting (incorrectly) to modify an existing old asset. 

As always, things become much simpler once you see the explanation.

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