Offhand, I cannot find the answer to my following questions in the forum and would appreciate any help with my questions
Thanks
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Issues
While trying to enter sale of business property (primary home with part time usage for rental) on answering yes to special handling of sale required (because business use percentage has changed over the years). Turbotax deluxe 2022 step-by-step process says that program (Turbotax deluxe 2022) cannot compute automatically the sale information.
Scenario
- bought home and rent out part of home from day 1, in 2018. Tax filed via Turbotax Home and Business 2018 (% of business use 66 2/3%)
- tax return filed with Turbotax deluxe 2019 (% of business use 66 2/3 %)
- tax return filed with Turbotax deluxe 2020 (% of business use changed to 50%)
- tax return filed with Turbotax deluxe 2021 (% of business use changed to 50%)
- sold property in 2022
- owner occupied from 2018-2022 (full duration)
- with proceeds of sale bought single family home in 2022 (not renting out)
Questions
- how can one enter the sale information of rental property (home) via Turbotax?
- Can Turbotax home and business 2022 handle this case? (in step-by-step process) and automatically generate Form 4797
- If not, is the workaround to switch to Forms and then enter the sales information via Form 4797 (if information is manually entered into Form 4797, will the information be automatically be transferred into Schedule D/Capital Gain/Loss). Will Turbotax generate the correct Form 8582 (if it is applicable)
Issues/Questions
In the scenario that Turbotax deluxe 2022 not being able to handle sale of rental property with variable business use percentage.
- can Turbotax home and business 2022 handle the sale of home (and exclude the business use percentage) in the step-by-step process of sale of home, including completion of Form 8949 and transfer to Schedule D
- or does one have to manually enter sale of home (primary residence partly used for rental) via Form 8949 and report any gains in Schedule D manually
If my understanding is completely off based, how can I go about report the rental(/home) property in my tax return, with Turbotax??
