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Entering a disposition of rental activity with multiple depreciated assets in ProConnect Tax
by Intuit• Updated 2 years ago
There are several ways to dispose of activities in the program, but for assets reported in the Depreciation screen, the easiest way is to enter a sale of multiple assets as a bulk sale.
- Go to the Input Return tab.
- Select Deductions > then Depreciation from the left menu.
- Select the primary asset that is being disposed of (for example, Rental Home).
- Select the Details button to open the input area.
- Select the Dispositions tab at the top-right.
- In the General Disposition Information section, enter the following:
- Date sold, disposed, or retired (MANDATORY)
- Basis adjustment (land, etc.) [Adjust] (if applicable).
- Expenses of sale or exchange (if applicable).
- Scroll down to the Sale of Asset (4797/6252) section.
- Enter the Sales Price (-1=none). This is the total sales price for all the assets included in the disposition.
- Scroll down to the Miscellaneous subsection.
- Enter a 1 or 2 in 1=complete disposition of passive activity, 2=partial (triggers 8582).
- Select the next Asset that is to be disposed (for example, Land) from the left panel.
- Go back to the General Disposition Information section.
- Enter the Date sold, disposed, or retired (MANDATORY).
- Select the main asset from the Bulk sale (multi-asset) disposition: select the asset containing dispositions amounts from the dropdown menu. Don't enter any sales information on this asset.
- Repeat steps for all assets associated with this disposition.