hdt
Level 1
02-05-2021
12:12 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
in the year of 2018 to 2019 tax returns the c corp filed 11 rental properties as a total lump sum in term of income, expenses. and depreciation. in the tax year of 2020, 3 rental properties (of those 11 properties) were sold resulting in a long term gain. should i break down 11 properties so that those 3 sold properties depreciation could be calculated and reported in for 4797 ?
Labels
sjrcpa
Level 15
02-05-2021
12:29 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Yes.
The more I know the more I don’t know.