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How to dispose of a rental property with assets in ProSeries

by Intuit Updated 7 months ago

Follow these steps to enter a disposition of Schedule E rental property with assets:

  1. Complete the Schedule E Worksheet with any final-year rental income and expenses.
  2. In the Check All that Apply section, select Box H, Complete taxable disposition - See Help.
  3. Go to Asset Entry Worksheet.
  4. Go to the Dispositions section and enter any applicable information. Do the same for any other asset.
  5. The program will calculate gains and losses based on those entries and carry to the applicable section of Form 4797.
    • You'll find the entries notated in the disposition section of the Asset Entry Worksheet.

If the property contains depreciable assets, it's recommended to use the Asset Entry Worksheets.

If the property doesn't contain depreciable assets, you can use the Disposition Worksheet to report the sale. To locate the Disposition Worksheet:

  1. Open the Schedule E Worksheet.
    • Press F6 on your keyboard, type "EW" and press Enter to bring
  2. Scroll down to Schedule A Smart Worksheet.
  3. Under the Schedule A Smart Worksheet, select the QuickZoom to Disposition Worksheet.
  4. Complete this worksheet for the sale or other disposition of non-depreciable property used in a business or rental activity.

For the disposition of depreciable assets that don't have corresponding Asset Entry Worksheets, you can manually complete Form 4797.

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