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Investors & landlords
I am using Turbo Tax Premier that I downloaded to my PC. The screens I am seeing are slightly different than you've shown. I have a screen asking if any of these situations apply to this property, with one situation being converted to this property from a rental to personal use in 2022 and I checked that box. The next screen asks if the property was rented for all of 2022 and I checked No and entered 120 days for # of days rented and 0 personal use days entered. I have been thru the "Assets" section numerous times reviewing the screens. On the Did you stop using this asset in 2022, I've selected the Yes icon. On the next screen I entered the date of sale or disposition as 4/30/2022. The next screen asks if special handling is required and I again clicked the Yes button. The next screen tells what the depreciation deduction for the rental house is for 2022 and says it will be transferred to the correct form. The only button is "Continue" and that takes you back to the property assets screen. The Form 4797 is still populated with a date sold of 4/30/200 and a loss, showing 0 as proceeds, total accum depreciation taken since acquisition and the cost basis of the house. The loss amount shown in column g is the exact amount of net income from the rental property this year. I don't feel this is correct, but I have been thru these steps numerous times. I cannot find a way to get rid of the 4797 loss. I'm afraid there is a programming error in this situation. I don't feel comfortable filing the return this way.