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Hello..I'm preparing an amended return. I'd like to change to Cost of Property in Sales of Business or Rental Property. How do I do that, please?

I'm not able to access the original entry.
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3 Replies
ErnieS0
Expert Alumni

Hello..I'm preparing an amended return. I'd like to change to Cost of Property in Sales of Business or Rental Property. How do I do that, please?

The instructions may be differ depending on what version of TurboTax you are using. You did not specify whether you are using TurboTax Online or CD\Download and what version (Premier, Self-Employed or Home & Business)

  1. On the amended menu scroll down to "I need to change (amend) my return for a different reason"
  2. Select Business Income and Expenses
  3. Scroll down to Other Business Situations
  4. Select Sale of Business Property
  5. Continue to Sales of Business or Rental Property
  6. Edit and adjust the cost basis
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Hello..I'm preparing an amended return. I'd like to change to Cost of Property in Sales of Business or Rental Property. How do I do that, please?

Thank you for getting back to me.

I'm using TurboTax online. I don't see these steps.

I see the screen titled, "Here's the info for your amended federal return."

When I select "Sale of Business Property," the "Edit," it takes me to "Any Other Property Sales?"

I haven't been able to navigate to the sale I'm trying to edit.

DianeW777
Expert Alumni

Hello..I'm preparing an amended return. I'd like to change to Cost of Property in Sales of Business or Rental Property. How do I do that, please?

If you sold assets under your rental activity you will find the information you seek there.  You may have followed this path  to show you did dispose of the property by telling TurboTax how and when it was disposed of.  Follow the instructions below after you started the proper amendment procedures.  

To make the changes in the sale of your asset(s):

  1. Click on Income & Expenses
  2. Under Your income and expenses, scroll down to
  3. Rental properties and royalties, click Edit/Add
  4. Do you want to review your rental?, click Yes
  5. Under Rent and Royalty Summary, click Edit
  6. Click Update to the right of Assets/Depreciation.
  7. Do you want to go directly to your asset summary?, click Yes and Continue
  8. Click Edit to the right of each asset to be disposed
  9. Go through several screens until you get to Tell Us More About This Rental Asset
  10. Click on This item was sold…….   And continue to answer the questions

You might also review information here.

 

 

 

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