Good afternoon -
A client used 25% of residence as home office and took depreciation. He sold home and I'm following intuits instructions below for reporting the sale but on the 4797 it has 100% of sales price in (d) gross sales price, but the 25% reduced basis in (f)Cost or other Basis. Any suggestions? I could break up into 2 sales but the instructions below say I shouldn't - THANKS
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Are you entering it in the Depreciation Screen or the Dispositions Screen?
Depreciation - from Intuit help article -
There are two methods of entering the sale. If you enter the sale on the Depreciation screen, you can do a bulk sale with the home as the main asset.
Depreciation screen
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