I purchased 3 parcels of rental property on 3 different dates, 3 different years, sold all three parcels in one sale. How do I report the dates of sale, cost of property, and depreciation for tax reporting?
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Are you using TurboTax? If so, have you been entering rental income and expenses (including depreciation)?
Indicate you sold the properties in the Rentals section of the program.
I purchased the first parcel with rental house in 2006, second adjoining land only parcel in 2008, and third adjoining land parcel only in 2012. I sold all parcels in one salel in 2023. I entered the rental income and expenses including depreciation under the first parcel, as the remaining 2 parcels were vacant land. Maybe I should have entered the 2nd and 3rd parcel separately but I can't change that now. Any suggestions would be greatly appreciated.
If you can separate the basis for the vacant parcels, you can enter the sale separately by allocating a portion of the sales price to the transactions.
Sale of land would be reported the same as a sale of stocks, bonds, mutual funds, etc.
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