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KBarr
Level 1
October 14, 2021
Question

best way to report gain on sale of rental real estate

  • October 14, 2021
  • 2 replies
  • 24 views

How best to report sale of rental property?  sale of each asset (real property, furnishings) or one entry on form 4797 for full sales price?

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2 replies

dd4vols
dd4volsIntuit Community Champion
Intuit Community Champion
October 14, 2021

if you have the individual assets set up on depreciation, then I think you need to dispose of them separately.  may have to prorate the sales amount based on some reasonable formula, (original cost, actual asset sales amount agreement, etc)

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dkh
dkh
Level 15
October 14, 2021

What I've done when there are multiple entries for the real property  - original purchase and several improvements - I total all into one entry.   For the rental furnishings I keep separate.

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