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Rental Depreciation

Tracy Lee

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Rental Property sold with separate depreciation items of House, Land, Roof, Heatpump..... is there a way for me to attach all these together so when I enter all the selling data in the dispositions tab  under the house it will show all the other items as sold as well?

I'm not able to put a checkmark in the 'Multiple Asset Account', do you have to do something to enable that or pay extra for it?

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  • 3 years later...
On 3/28/2019 at 7:23 PM, Abby Normal said:

You will need more than one bulk sale because you can't mix 1245 and 1250 assets, and land has to be sold separately, so you'll need to allocate sales proceeds and selling costs.

I'm reporting a sale like this now and just want to confirm my method.  I have created a spreadsheet that breaks down the 1250 vs. 1245 vs Land, further breaking them down into Long-Term and Short-Term assets. I then did bulk sales for each of these sub-asset accounts in ATX.

I divvied out the Sale price and selling expenses based on the cost basis percentage.  ie if land cost was $20k and the building were $80k, land would get 20% of the sale price and selling expenses.  Building would get 80%. 

Lastly the unamortized Refi Costs are immediately deducted on the Sch E current year activity.

Here's what the 4797 look like:



I think I've got this right, but ATX is a bit daunting it how it requires this data entry so I just want to double check my work.  Is this how ATX data entry should be done in this situation? 

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