When this guide is useful
A rental sale includes land, building and separately tracked assets.
The distinction that matters
Retain the allocation, depreciation history and transaction facts. Sale proceeds and outstanding mortgage balance do not by themselves establish taxable gain.
A worked situation to investigate
An investor sells a furnished rental after replacements and an earlier cost segregation study changed the asset schedule.
The example is illustrative. Begin with the underlying event and its source documents, then separate missing facts from disagreements about their treatment. Work through the checks below in the order that matches your file, rather than treating a completed checklist as a tax conclusion.
Build a traceable handoff
Identify the affected person, entity or property and the relevant period. Keep original evidence, corrections and the reviewer's written conclusion connected. If the facts change after review, preserve the earlier version and ask whether the change affects implementation.