What is the best way to do this in ATX

[Peggy Cobb]

I have a partnership that is in the process of a condo conversion. In 2006 they sold 2 of the 44 units. I have a worksheet prepared for the basis, so I am confident on this. But my problem is reporting everything in ATX. While it was an apartment I have the total cost reported in the rental depreciation schedule as one amount. Do I need to change the asset entry and divide the total cost by 44 and have 44 units in the asset entry? I would also have to divide the prior depreciation betweent he 44 units if this is the way I should do it.

Thanks for any help.

Peggy Cobb

Mount Vernon, WA

[OldJack]

I would bite the bullet and enter all 44 units as separate assets. Otherwise you are just going to have to deal with keeping track of numbers and splitting every year as the units are sold. As far as I can tell there is no special ATX feature that would deal with this any other way.

One other thought is are all 44 units of equal size and value to get an equal basis, you may need to allocate basis on some other method such as estimate of fair market value or future selling price.

[Peggy Cobb]

Thanks Jack, I was hoping for a faster way, but you are right the more I think about everything.

I would bite the bullet and enter all 44 units as separate assets. Otherwise you are just going to have to deal with keeping track of numbers and splitting every year as the units are sold. As far as I can tell there is no special ATX feature that would deal with this any other way.

One other thought is are all 44 units of equal size and value to get an equal basis, you may need to allocate basis on some other method such as estimate of fair market value or future selling price.