selling assets using TT Premier

[gjgogol]

@ColeenD3 or would it be better to keep the value of the land at what it was when property was purchased in 2006 ($36K), instead of the newly calculated $35K...and spread the $1K difference among the other assets?

[ColeenD3]

Look at it this way. You bought a house for $250,000. You allocated 10%, $25,000 to the land. Unless you bought the land separately, this is an arbitrary allocation, even if you did your very best to calculate the amount.

You bought a refrigerator, stove, and dishwasher. Each cost $500. This is not arbitrary. You know exactly what you paid for them. There is no way to change that basis. It is set in stone. You have taken the prescribed depreciation over time. The first year was 20%, then the next was 32%. This still gives you an amount that is unchangable. If this is not the scenario of what happened, then maybe you have some wiggle room with the allocations now.

[gjgogol]

@ColeenD3  all you said makes sense. hopefully the IRS thinks the same way! 🙂