JJStephens Posted April 13, 2014 Report Posted April 13, 2014 It's late. My brain is fried. I've done this before but I'm drawing a blank. I need a clear-headed hero to come to my rescue. Client sold a rental house. When I set up the fixed asset I recorded the depreciable basis as $134,100 ($149,000 cost less the land value of $14,900). How do I get the land value back into the equation now that is has been sold? I thought I entered it as a basis adustment on the disposition form (at least that's what I think I remember doing in the past). But when I enter the $14,900 figure it has no impact on the gain/loss computation. Where am I going wrong? Quote
kcjenkins Posted April 13, 2014 Report Posted April 13, 2014 Land should have been set up as a non-depreciable asset, so it would then be one of the assets sold, not an adjustment to the building. Quote
JJStephens Posted April 13, 2014 Author Report Posted April 13, 2014 Arrghh! I knew that! It's not so much that I forgot . . . I merely failed to remember Seems I have that failure a lot this time of year. Thanks KC. You're my hero! 2 Quote
kcjenkins Posted April 13, 2014 Report Posted April 13, 2014 Yeah, I understand, it's clearly a calender related disorder that is common to our profession. I admit, I almost did not post that, because I knew you knew it. Then I remembered the date, and decided to post it anyway. Glad I did, now. Hang in there, this is one disease that clears up soon. 7-10 days from now, on average. LOL Quote
michaelmars Posted April 13, 2014 Report Posted April 13, 2014 vegas startng on the 16th, hope I don't sleep the first 2 days away. Quote
kcjenkins Posted April 13, 2014 Report Posted April 13, 2014 But think of all the money you'll save if you do! Quote
JJStephens Posted April 13, 2014 Author Report Posted April 13, 2014 I'm not going to Vegas or DisneyWorld or anywhere else. I'm going to bed! 1 Quote
michaelmars Posted April 14, 2014 Report Posted April 14, 2014 I'm not going to Vegas or DisneyWorld or anywhere else. I'm going to bed! i went home last night at 3 was asleep by 5 and woke up this morning at 7:15. just telling you all to make you all jealous. Quote
JJStephens Posted April 14, 2014 Author Report Posted April 14, 2014 It worked. I'm jealous! I did manage a 5 minute nap yesterday afternoon! Quote
joanmcq Posted April 15, 2014 Report Posted April 15, 2014 i went home last night at 3 was asleep by 5 and woke up this morning at 7:15. just telling you all to make you all jealous. I read that as all AM! Which sounds more like me, stopping work 'early' is 3am, and might be asleep by 5am. But I have only one more to do, and a date tomorrow night. Quote
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