leetarbet
New Member

Adjust land basis

I was paid by a Utility company for an easement on my commercial property.  I want to adjust the basis of the land down by that payment amount.  How or where do I make this adjustment within Turbotax for Business?

JulieH1
New Member

Deductions & credits

You will go to the form where your basis is listed, and manually override, 

The TurboTax CD/Download software lets you override, or replace, the amounts it calculates. Because overriding can only be done in Forms Mode, you won't be able to do this in TurboTax Online.

Under normal circumstances you shouldn't need to override anything; in fact, overriding may invalidate our 100% Accurate Calculations Guarantee. Also, returns that contain overrides cannot be e-filed.

Instructions
  1. Click on the Forms icon in the upper right to switch to forms mode and open the form that contains the line item you want to override.
  2. Right-click the line item and select Override.
    • On the Mac, choose Override from the Edit menu in TurboTax.
  3. Enter the value; it will turn red.
  4. Switch back to the interview by clicking Step-by-Step in the upper right corner.

To reverse the override, follow the same directions except choose Cancel Override in Step 2 (on the Mac, uncheck Override in the Edit menu).

When you run the final review, TurboTax will let you know if there are any overridden values in your return. If there are, you'll get an error message if you try to e-file your return.

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