Investors & landlords

1) this is an error in TurboTax;  Not an error per say  but a weakness ... you should have only entered the Bus % and called it 100% business use originally ... then all would be good.

 

2) TurboTax purposefully disregards the Business % and it is up to me to edit the figure to $2,434 (which I tested and the edit is accepted);  You need to take the asset out of service to stop the amortization ... convert to personal  use so the rest is not taken automatically.

 

3) I should have selected the second option to enter the $2,434 myself;  Use this option ... make the balance a Sch E line 18 entry.

 

or 4) I am able to deduct the full $7,386 as Other Expenses due to the property being sold.  Absolutely not as you already know ... only the business portion is deductible. 

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