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Level 1

I have sold my rental property in 2019. How can is estimate the amount of capital gains I will need to pay when the 2019 taxes are filed.

I have sold my rental property May 2019. I want to estimate the amount of funds that I will need to send to the IRS so that the funds are available to send to the IRS.  All taxes from when the home became a rental in 2009 have been filed with turbo tax. 

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Level 16

I have sold my rental property in 2019. How can is estimate the amount of capital gains I will need to pay when the 2019 taxes are filed.

This is my mini version of the downloaded tutorial that should be in the downloaded program: 

  What is Forms Mode?

Forms Mode lets you view and make changes to your tax forms "behind the scenes."

If you're adventurous, you can even prepare your return in Forms Mode, but we don't recommend it. You may miss obscure credits and deductions you qualify for, and you may forget to report things that will come back and haunt you later.

Forms Mode is exclusively available in the TurboTax CD/Download software. It is not available in TurboTax Online.

 

Related Information:

·         Why would I use Forms Mode?

·         How do I switch to Forms Mode in the TurboTax for Windows software?

·         How do I switch to Forms Mode in the TurboTax for Mac software?

 

If you want to play around with different figures and tax scenarios without affecting your original return you can ….

·         >>>In the TurboTax CD/Download software by creating a test copy

·         1.  Open your return in TurboTax. 

·         2.  From the File menu, choose Save As. 

·         3.  Give the copy a new name to distinguish it from the original (for example, by adding "Test" or "Example" to the file name). 

·         4. Click  Save. You are now safely working in the test copy and anything you do here will not affect the original. 

·          https://ttlc.intuit.com/questions/1900642-how-to-make-a-test-copy-of-your-return

 

·         >>  use the WHAT IF tool: 

·         - Click Forms Icon (upper right of screen) or Ctrl 2 (forms view) 

·         - Click on the Open Form Icon 

·         - In the “Type a form name.” area type What-If (with the dash), click on the name of the worksheet - click on Open Form 

·         - You will see the worksheet on the right side of the screen; enter the information right into the form 

·         - To get back to interview mode - click on the Step-by-Step Icon (upper right of screen) or Ctrl 1

 

 

It's always a good idea to make a backup copy of your tax data file, in case your original gets lost or corrupted. Here's how:

1.     From the File menu in the upper-left corner of TurboTax, choose Save As (Windows) or Save (Mac).

2.     Browse to where you want to save your backup.

o    Tip: If you're saving to a portable device, save it to your computer first to prevent data corruption. Then, after completing Step 4, copy or move the backup file to your device.

3.     In the File name field, enter a name that will distinguish it from the original tax file (for example, add "Backup" or "Copy" to the file name)

4.     Click Save and then close TurboTax.

5.     Restart TurboTax and open the backup copy to make sure it's not corrupted. If you get an error, delete the backup and repeat these steps.

If you make changes to your original tax return file, repeat these steps to ensure your original and backup copies are in-synch.

Related Information:                             

·         Retrieve a Tax File from a Portable Device

·         What's the difference between the tax data file and the PDF file?

·         How do I save my return as a PDF in the TurboTax software for Windows?

·         How do I save my return as a PDF in the TurboTax software for Mac?

·         How can I protect the tax files on my computer?

 

GEN85508

Answered by  TurboTax FAQ  to  this question