After you file
To remove the sale of a rental asset from TurboTax Desktop Premier, follow these steps.
- Across the top of the screen, select Federal Taxes.
- Across the top of the screen, select Wages & Income.
- Select I'll choose what I work on.
- Scroll down to Rental Properties and Royalties.
- Select Start/Update to the right of Rental Properties and Royalties.
- At the screen Rental and Royalty Summary, select Edit to the right of the rental activity.
- Select Start/Update to the right of Assets/Depreciation.
- At the screen Do you want to go directly to your asset summary, select Yes.
- At the screen Your Property Assets, select Edit to the right of the asset that was recorded as sold.
- Step through the asset screens. I prefer to make two passes of the asset sale to remove the sales information.
- At the screen Sales Information, remove the sales information. Continue.
- Return to Your Property Assets. Select Edit to the right of the asset that was recorded as sold.
- Step through the asset screens.
- At the screen Tell us more about this rental asset, unselect the choice The item was sold, retired, stolen, destroyed, disposed of, converted to personal use........
- Select Continue.
- At the screen Asset Summary, verify that the sale of asset has been removed. See question Sold/Retired from business use in 2023.
- Select Continue.
At Your Property Assets, you may want to Review to make sure that the software is clear of issues.
To record the sale of the rental asset as an installment sale, return to Your Property Assets and restore the sale of the rental asset.
At the screen Installment Sales, select Yes and follow the screens.
You refer to an IRS form 8949 entry being removed and returning. Was the entry removed in FORMS mode?
I recommend that the IRS form 8949 entry be removed at the screen Your investment sales summary.
Select the delete trashcan to the right of the entry.
Access the screen by following these steps:
- Across the top of the screen, select Federal Taxes.
- Across the top of the screen, select Wages & Income.
- Select I'll choose what I work on.
- Scroll down to Investment Income.
- Select Start/Update to the right of Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.
