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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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jhartwv
Level 3
04-11-2022
10:20 AM
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I've got a rental unit that was given up for 2 rental units with cash rec'd. I've got it all recorded on the Form 8824, but don't know how to dispose of the assets given up on Sch E rental so as not to generate further gain and depreciation recapture.
I've connected Fm 8824 to the Sch E, but don't see on the Sch E asset how it is connected. What sales price is placed on the asset to clear it and have the sale on recognized only o Fm 8824?
Thank you for any assistance.
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PhoebeRoberts
Level 11
04-11-2022
10:27 AM
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Use the 8824 input on the Depreciation screen for the asset given up. Don't create a new 8824 in the Dispositions screen.
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