TaxGuyBill
Level 15

You are supposed to allocate the sales price between the assets based on the Fair Market Value of each item.  For example, let's say everything sold for $200,000.  You might report the sale of the house as $198,000, and then divide the other $2000 between the appliances.

Remarkably, whenever I do it, the Fair Market Market Value of all of the appliances is the exact amount of the remaining Basis, resulting in $0 gain/loss for all of the appliances and only the home has a gain/loss.   😂