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Hello - New to Proseries and need some assistance on the Disposition of a Rental Property. I see Box H, Complete Taxable Disposition & I see how to enter the disposition information on the Asset Worksheet for the property. But I don't see how to include all other depreciable assets associated with this property in the sale. Is there a way to do this in Proseries? Our old software had a simple check box that would allow you to include all assets related to the property in a disposition (and that software was MUCH more generic than Proseries), so I figure I must be missing something on this? But I've spent a good amount of time looking and just don't see how to do this. Any assistance is greatly appreciated!
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You have two routes to go.
1. Allocate the sales price to each individual asset.
2. Take the total of all of the assets and accumulated depreciation and create a new asset using those totals and delete the other individual assets. I believe this is the route recommended by 9 out of 10 dentists (or accountants - its been a long day).
Slava Ukraini!
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Thanks IronMan for your answer. Not exactly what I was hoping for, but is definitely helpful to have an answer AND a workaround! Thanks again.
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You betcha!
Slava Ukraini!
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How do you get suspended vacation rental losses and suspended depreciation to show up upon a complete disposition?