- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Hi @randoodle , this is SUCH a helpful post! I followed it step-by-step but got stuck at a subsequent step. After I answered "Yes" to "Did you stop using this asset in 2022?", I was presented with a Sales Information screen. Nowhere in the process did I mark that this property was sold (per your detailed instructions, which I followed to a T). What should we enter in this screen? It's asking for Asset Sales Price (Business Portion Only), Asset Sales Expenses (Business Portion Only), Land Sales Price (Business Portion Only) and Land Sales Expenses (Business Portion Only). I entered 0 for all of these which I believe is correct. However, if I continue clicking through the menu I get to a screen called "Loss on This Asset's Land". Based on our calculations, you have a loss of $xxx,xxx on your disposition of the land for [this asset]. We'll automatically transfer this loss to the correct IRS forms for you. Obviously, there is no way this is correct but I don't know how to fix it! I did not suffer a loss of the full value of the asset's land in this exchange. Please help!