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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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)
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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