Please let me know which sales proceeds should be used for depreciated asset allocations? $100K? or $80K?
House sales proceeds - $100K
structure sales proceeds - $80K
land sales proceeds - 20K ($100K-$80K)
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You should allocate the proceeds to what was sold, which is land , the structure, and then possibly any recent improvements made that are being depreciated on the return.
Make sure all assets listed on the depreciation schedule are accounted for, as this is what removes them from the schedule.
You should allocate the proceeds to what was sold, which is land , the structure, and then possibly any recent improvements made that are being depreciated on the return.
Make sure all assets listed on the depreciation schedule are accounted for, as this is what removes them from the schedule.
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