Pattif12:
So I am using TurboTax Business 2020 since I am filing for an LLC. I don't see the same screen and options you describe.
What I have done is went to the Federal Taxes>Rental Real Estate>clicked edit on the property in question>clicked "Update" on the "Dispose of Rental Real Estate Property" section at the bottom. Clicked "Edit" on the asset to dispose of. Now it gave me choices of (1) sold (2) given away or (3) abandoned. I chose abandoned...I mean I would have preferred a "retired" option but without that option I thought abandoned was the better choice of the three options. It asks for the date of abandonment and then proceeds to calculate a partial year's amort. Which is fine. But what it doesn't do is take the remaining asset value to other expense on my income statement so I manually did that through the "General Expense" section and entered a line for the write off of the closing costs.
Does this sound OK?
