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Unless the buyer specifically allocated part of their purchase price to buy the roof, just add the roof to the actual building cost and related accumulated depreciation.
Slava Ukraini!
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1. You can enter zero as the selling price of the roof 2. you can allocate a percentage of the sale to the roof and the house, or 3. you can make a new asset entrty workseet with the roof cost added to basis of the rental and the roof depreciation added to accumulated depreciation and then delete the original work sheet. Since both assets are 1250 property, you may want to use option 2 or 3
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Slava Ukraini!
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Actually I think I may have dosed off for bit.
I have to say I'm still chuckling about the picture of Lena in the pocket joke.🤣
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Slava Ukraini!
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#3 seems to make the most sense to me. I do that for all 1250 depreciable property, correct.
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what about 1245 property that was depreciated, and is fully depreciated?
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If all assets were included in the sale, then enter the date of sale and enter zero for the sales price on the asset entry worksheet.
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Thats what I did. Thank you so much.
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The same way other deprecation items are recaptured.