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If you haven't already, enter the house and all of your major improvements as individual assets in TurboTax. Then allocate a portion of the sales price to each of the assets (house, windows, siding, roof).
To do this please follow these steps:
Thank you for the response. The property automatically showed up in my Wages & Income screen as I've reported it for several years. I clicked Edit and followed the prompts. I clicked that it was sold and that I spent 0 days in 2020 as rental or personal use. It then tells me that I don't need to report it, and wants to remove the asset. To follow your direction, I think I'd have to remove it and enter the asset from scratch. I'm hesitant to do that as TurboTax has the history of this property as far as the depreciation claimed over the years. Please advise.
Please advise, I have not seen a response since Friday. Is there not a fix for this? My asset is there. I select the asset was sold. The only thing it will allow me to do is remove the asset.
Can someone please reply. I am running into this same issue.
Turbotax keeps wanting to remove the asset when I need to record the sale.
Remove the "ASSET"???? Or remove the property from the SCH E entirely? I suspect the latter, because you selected the option to indicate "I did not rent or attempt to rent this property in 2020"
Do not select that option, or you will lose *ALL* of your depreciation history and carry over losses.
Give me more details and I'll try to help you report this correctly. For example, when did the last renter move out? On what date (if any) did you make the conscious decision that "I am no longer going to rent, or even try to rent this property out again." ????
If you decided to stop renting in 2019, then did you convert the property and all of it's assets to personal use on your 2019 tax return?
same issue, turbotax has missed the boat on this one.
Easy fix ... if you did NOT rent the property at all in 2020 then you will either:
Enter in ONE day of rental use so the Sch E will be preserved and then sell off the property in the asset section. This allows you to continue getting a depreciation deduction until the sale date.
OR ... let the program remove the Sch E and enter the sale in the business asset sales section which means you must have all the asset depreciation in hand and make all the entries yourself.
You need to upgrade your TurboTax with rentals and business. In this version, under Business, in the very last line, there is a Sale of Business Property
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