How to update sale of business property?

[Ella_Mamtsis]

I've entered information about Real Estate Investment Property sale and noticed wrong entry, yet i am unable to edit entered info. I can see the entered info via Forms path (Form 4797), but not through Interview path. Option of deleting Form 4797 does not work (it does not delete the form). And I am unable to edit / override the info in the form. 

Please help!!!

[Ella_Mamtsis]

It seems to be a bug in Turbo Tax which is most likely there at least for 2 years. If Intuit is unable to fix this issue, can the Support Person at least suggest a work around??? Please need urgent help. 

[Anonymous_]

You might want to provide more details in a subsequent post on this board (e.g., exactly what are you trying to change?).

Otherwise, deleting Form 4797, itself, in Forms Mode will not work. You need to delete the Asset Entry Worksheet. However, you can also make changes directly on that worksheet as well (although you should be able to change figures in Step-by-Step Mode).

[Ella_Mamtsis]

I am trying to change the Description of Property and Cost Bases (Part II Line 10). As you all know, deleting of 4797 form DOES NOT work in Turbo Tax (how difficult is it to fix a year-long bug???) 

Overriding field in the form itself does not recalculate Gains/Losses field. Since it does not recalculate the main field - Gains/Losses - I don't know what other negative impacts it might have on the tax return calculations overall.

[Anonymous_]

You have to make changes either in Step-by-Step Mode (preferred) OR in Forms Mode on the Asset Entry Worksheet (which is located under the Schedule E Worksheet in Forms in My Return).

[Ella_Mamtsis]

The key is: I do not see the Property Sale information in the Step-by-Step flow!!! It always opens up a screen with BLANK fields to re-enter the info. But if i re-enter the info at adds the new info as a second sale, where as i only have 1 sale of rental property. Any other suggestions?

[Anonymous_ · Accepted solution]

@Ella_Mamtsis Is this rental real estate that you sold or just investment property? It is really not clear where in the program you entered the transaction and how you did so. You can either provide specifics or contact Support via the link below.

https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632