jgkousky
Returning Member

2024 Final Return of our Partnership - What is the correct way to show the disposal of our two assets in TurboTax Business?

My husband and I had a partnership starting in 2016 through the end of the calendar year 2024.  We were using our cabin, which we owned before we started our partnership, as a vacation rental business.  I am using TurboTax Business to do our final return for 2024.  The two assets that we were depreciating were the cabin and our previously owned vehicle.  Beginning in 2025, we kept both the cabin and the vehicle for personal use.  Under the “Dispose of Rental Real Estate Property” section, I answered that both assets were disposed of by some other means.  Now it shows on the Form 1065 that we have $992 ordinary business income, which is not correct.  Also, on Form 1065 in the Schedule K section, it shows that we have a loss of $53, 573, which is not correct.  How do we navigate TurboTax Business so there is no gain or loss on the cabin and the vehicle?