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Level 3
May 8, 2020
Question

Maybe I'm losing my mind!!!!

  • May 8, 2020
  • 7 replies
  • 22 views

I've encountered a problem with the sale of rental real estate.

 

On the asset entry worksheet, I entered the sale information, and the current depreciation amount was increased by the remaining basis on the property.

 

This amount shows that it was fully expensed on Sch E line 18a.

Did I check the wrong box, or am I just losing it?

Thanks

This topic has been closed for replies.

7 replies

May 8, 2020

That is odd.  Any chance this is the last year of the Recovery Period?  Double check all dates on the Asset Entry Worksheet.

Just-Lisa-Now-
Intuit Community Champion
May 8, 2020

Look at the depreciation detail report...does it agree with what youre seeing on the Sch E for current depreciation?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
IRonMaN
Level 15
May 8, 2020

I was walking along just now and found a mind that appears to be lost.  Is it yours?

If all else fails, I would print the depreciation report, delete the asset and enter it from scratch to see if that solves the mystery.

Slava Ukraini!
May 8, 2020

@IRonMaN wrote:

I was walking along just now and found a mind that appears to be lost.  Is it yours?


 

I've had one.  If nobody claims it, can I have it?

IRonMaN
Level 15
May 8, 2020

If you can properly describe what it looks like, I will gladly give it to you.

Slava Ukraini!
ken4Author
Level 3
May 10, 2020

Thanks for the good answers which helped lead to the issue.

I combined all of the assets for the sale of the property rather than a sale of multiple improvements over the years which obviously gave a skewed result and expensed the remaining depreciation. I used an acquisition date 30 years ago when the property was originally purchased so there would be no remaining depreciation and the software expensed on Sch E the difference.

It's certainly a nuisance having the allocate the sales price through all of the assets.

I've used other tax software that would combine assets for a sale and have no idea why Proseries has never added this feature.

Thanks again, everyone.