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- How do I report the sale of 1/2 of an asset?
How do I report the sale of 1/2 of an asset?
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bandb1
Level 1
04-10-2022
11:12 AM
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Client sold 1/2 of a condo on 07/01/21.
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3 Comments 3
TaxGuyBill
Level 15
04-10-2022
12:20 PM
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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.
bandb1
Level 1
04-14-2022
08:23 PM
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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
