How do I report the sale of a depreciated rental property
I had a rental condo for many years. I have an asset account and an income statement for this property. I sold this property in May 2021, so the income statement contains partial rent and normal expenses. The asset account contains the purchase price and the cost of a newly purchased appliance (not depreciated). I have the sales price, the property depreciation, and the selling expense. How do I zero out the asset account and show the gain of the sale in the income statement?