Sale of Rental

[drbdrb]

After 4 years using Lacerte, I am now using ProSeries Basic. In Lacerte, as I recall, there was an easy grouping feature that allowed for capture of all items included in the sale of a rental (e.g., building, land, various capitalized improvements). It doesn't seem that this feature is included in ProSeries and if no, it seems that one would need to allocate the sales price (pro rata?) to each component. Would appreciate any advice on this. Thank you. 

[Just-Lisa-Now-]

Sadly, Proseries does not have a grouping feature, thats one of the reasons you pay the big bucks for Lacerte.

I allocate by percentages to sell off the assets, its a hassle, yes.

[drbdrb]

Thank you for responding so quickly.

[IRonMaN]

Most folks will delete all of those assets and enter one new asset that total the individual assets.  It's easier than allocating to each individual asset.

[Just-Lisa-Now-]

just depends on how many assets and what types they are, I have combined like items into a single entry, whether that was faster or not, Im not sure.

[IRonMaN]

It's faster hitting the delete key multiple times than doing the allocation of sales proceeds between all assets and entering those proceeds into each asset worksheet ----------------------- at least it is for me 😀

[ljr]

or you can put the entire sale price on the "house" line and put Zero in for price of the other items