Discussion:Sale of rental and its assets
From TaxAlmanac
| Revision as of 20:17, 28 March 2009 Landon5784 (Talk | contribs) (I personally wou) ← Previous diff |
Revision as of 21:23, 28 March 2009 Www.cpa1.biz (Talk | contribs) (What would you d) Next diff → |
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| {{ForumReplyPost|UserID=Landon5784|Date=28 March 2009|Text=I personally wouldn't itemize the sale of a rental house}} | {{ForumReplyPost|UserID=Landon5784|Date=28 March 2009|Text=I personally wouldn't itemize the sale of a rental house}} | ||
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| + | {{ForumReplyPost|UserID=Www.cpa1.biz|Date=28 March 2009|Text=What would you do then, add the adjusted basis of each assset to the cost of the rental home.}} | ||
Revision as of 21:23, 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 | |
Landon5784 (talk|edits) said: | 28 March 2009 |
| I personally wouldn't itemize the sale of a rental house | |
Www.cpa1.biz (talk|edits) said: | 28 March 2009 |
| What would you do then, add the adjusted basis of each assset to the cost of the rental home. | |
