I have Rental properties and sold in 2020 and now looks like Turbo tax in 2020 got me to pay double taxes:
Form 4797 Part II Ordinary Gain or loss gain from Line 17 is carried over to Form 8825 Line 19 and
Form 1065 Income Line 6
Thus reporting the gain twice.
Was this a mistake form turbo tax?
You'll need to sign in or create an account to connect with an expert.
It doesn't sound like like there is any double taxation here. The type and amount of gain or loss from the sale of business assets (in this case your rental property) is calculated on Form 4797. That gain or loss the flows to Form 8825 where rental property income, expenses, gains, and losses are reported. It is combined with those other items and then that number flows to the main form - 1065. I don't see where the gain is reported twice, based on your description.
Thanks for your answer to clarify.
The Ordinary Business Income Line 1 of Schedule K gets it from 1065
Line 2 Net Rental Income gets the same gain again from Form 8825
When Individual tax return uses this Schedule K1 the same amount is taxed again This happened for Year 2020 but this Year Turbo Tax looks like fixed the issue by not carrying it to Form 1065
If I try to pen the TurboTax software for 2020 it wants to upgrade and does not let me open at the same state when I had filed return. It doe snot give me an option to continue without the upgrade.
Thanks for helping me out. Look forward to your response
I tried calling Turbo Tax but they are not willing to understand or open a ticket to be researched.
What are my options for turbo Tax to acknowledge the issue?
I agree based on what you said that the income is being reported twice on your tax return. I can't say why, as I was not able to duplicate your result on my program.
Since you have the desktop version of TurboTax Business, support is limited. My only suggestion is to recreate the return and it may function properly, as I entered the information you described and did not have a problem. You should be able to start a new return and transfer your prior year information without upgrading.
[Edited 3/9/22 at 8:40 PM PST]
Thanks sorry for late response was traveling for work. Will try options to get my words across to Intuit as recommended.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
potentilla
Level 3
knownoise
Returning Member
obeteta
New Member
bkisthetruth
New Member
sparksj337
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.