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Old 02-27-2013, 10:55 AM
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how to report sale of un-itemized depreciable items that were sold with rental house

I sold a rental house (I never lived in it-strictly investment property) for a significant long term LOSS. Over the years a number of small items were replaced and depreciated each year. Items such as a frig, stove,hot water heater, etc. I did NOT itemize (with buyer) the sale prices of these individual items from the depreciation schedule when the property was sold. Everything was sold as one lump sum. Is it acceptable to report the sale of the entire property on Form 4797, Part 1, Line 2 as a SINGLE line item? Or should I try to create an estimated value at time of sale for each depreciated item sold resulting in multiple line items for Form 4797? Or what you recommend? Thank you.



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