RU2
Level 3

Get your taxes done using TurboTax

Hi, on the rental property sale section, TurboTax doesn’t ask for total gross proceeds to correctly fill in line 1 of 4797. It only asks the gross proceeds in “sale of business property” section which you don’t use if you’ve already reported the sale of the rental property in the rental property section. In the rental property section, the gross proceeds is split across all the improvements made to the property so nowhere does it tally the total gross proceeds and then reports that on line 1 of 4797. This seems incorrect.