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bandb1
Level 2
April 10, 2022
Question

How do I report the sale of 1/2 of an asset?

  • April 10, 2022
  • 2 replies
  • 6 views
Client sold 1/2 of a condo on 07/01/21.
This topic has been closed for replies.

2 replies

IRonMaN
IRonMaN
Level 15
April 10, 2022

They took a chainsaw and cut in half?

Slava Ukraini!
    B
    bandb1Author
    Level 2
    April 15, 2022

    Thank you so much for the advice.  It worked perfectly and I was able to finish the return without having to wait until after the 18th (which several CPAs told me).  Your solution was so simple -- why didn't they think of that?

    Barbara

     

    T
    TaxGuyBill
    Level 15
    April 10, 2022

    Create two new assets with 50% of the Basis and prior depreciation as the original asset.

    Delete the original asset.

    Sell one of the new 50% assets.

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