DFerriera
Level 1
03-29-2024
07:39 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I had $5,000 land sitting on the balance sheet for a 1065 return. It was sold in bulk the previous year but did not connect it to the bulk sales to the building. This year saw it and just deleted it without thinking the impact. Now I am unsure how to get it off the balance sheet without the asset in my depreciations creen.
George4Tacks
Level 15
03-29-2024
09:07 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Should you amend the previous year to capture the basis you didn't report on the sale?
Generally, rather than delete you enter a date of sale, but no sales price.
Answers are easy. Questions are hard!
