Discussion:Sale of rental and its assets

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Revision as of 20:12, 28 March 2009

Discussion Forum Index --> Advanced Tax Questions --> Sale of rental and its assets
Discussion Forum Index --> Tax Questions --> Sale of rental and its assets

Www.cpa1.biz (talk|edits) said:

28 March 2009
Almanacers,

I am working with a client who sold their rental property. There were about 9 more assets (stove, fridge, fence, etc.) that were added during the years the home was rented. I just wanted to see how you all account for these sales of assets because they are part of the rental home sale.

I was thinking about showing the sale of each asset as 0 so if there is any left over basis, it would show as a loss.

Then, I will just show the home sale as it is on the HUD-1 plus closing costs minus its adjusted basis.

Is this how you all do it. I am using Pro Series.

Please advise.

Take care,

bj

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