Which is correct?
Client sold a bunch of rental houses, each with many appliances such as water heaters, etc.
My form 4797 page #2 is now several pages long.
Tomahawk674 wrote:I'm very interested in this topic. How do you guys typically handle the sale of 1250 rental property with improvement assets?
Do you preffer to list each improvement in the 4797 (which means you have to apportion the sale price to the improvements) or Try to enter it all in one transaction?
My current software is unable to group a 4797 sale. When marking each asset as sold on 4562 it generates a new 4797 entry.
juro wrote:my employer want each improvement listed in the 4797, but we apportion 10% of the sale price to land, & 90% to the building, and zero is apportioned to all else.
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