I have TurboTax premiere desktop Windows version.
I sold rental property. I went to this screen and 'sold' the Residential line item. That is the actual 'house/condo'.
Do I also have to go in to Edit for each asset (Water Heater, Refrigerator, Carpet, Window Blinds) and sell each one of those assets? They were sold as part of the sale, we did not sell them separately.
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yes. this is so the asset and related schedule E disappear when you do 2023. if not they'll hang around and depreciation will continue. no gain or loss will be recognized. so come 2023 you'll still see these assets and schedule E and will have created a mess for yourself.
So you are saying, even though the property itself will no longer be on Schedule E because it has been sold, these assets will still be on Schedule E? What will they be listed under?
Also, when I go to sell these it asks if the units (water heater, etc) was part of the sale of the 'your main home'. What do they mean by 'main home'? This is a rental property I sold, this Water Heater et. al. were inside the rental property when it was sold. This isn't in my principal residence. Is 'main home' different from 'principal residence'? (I just blocked out the rental property address).
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