bandb1
Level 1
Client sold 1/2 of a condo on 07/01/21.
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IRonMaN
Level 15

They took a chainsaw and cut in half?


Slava Ukraini!
TaxGuyBill
Level 15

Create two new assets with 50% of the Basis and prior depreciation as the original asset.

Delete the original asset.

Sell one of the new 50% assets.

bandb1
Level 1

Thank you so much for the advice.  It worked perfectly and I was able to finish the return without having to wait until after the 18th (which several CPAs told me).  Your solution was so simple -- why didn't they think of that?

Barbara

 

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