You should always do a mock return so as not to confuse anything on your real return. You can do it in the online version and then abandon it. The sale would be on Form 4797. You can delete it. You may just want to delete everything to do with Schedule E and redo it from scratch.
Here's the general procedure for viewing the forms list and deleting unwanted forms, schedules, and worksheets in TurboTax Online:
Open or continue your return in TurboTax.
In the left menu, select Tax Tools and then Tools.
In the pop-up window Tool Center, choose Delete a form.
Select Delete next to the form/schedule/worksheet in the list and follow the instructions.
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Thank you for the quick response, Colleen!
Unfortunately, it didn't work. I get the confirmation that I have successfully deleted the form (there are 2 pages, so went back in and deleted page 2 also), but the six figure loss on the sale still shows up - and when I go back to the "delete forms" page, both pages of form 4797 still appear in the list. I did 3 "loops" of deletes, even logging out and back in after trying the deletion - but 4797 and the sale just won't go away...
I'm not sure if you did the process to clear and cache and cookies, but that can be a very useful tool often.
Next, double check whether you see any worksheets that connect to the Schedule D and/or Form 4797 and delete all of them as long as you have no other entry on the return that needs those forms. Scroll the list carefully.
If that doesn't help, you may want to clear and start your return over. You will have to re-enter all of your information when this option is chosen.
These instructions will help you: Clear and Start Over for Online
The most important action is to make sure your tax return is accurate before filing it.
I too have issues with form 4797.
1. TT placed a capital gain in Part 1. (Should be in part 3)
2. TT placed made-up info (not what I entered) into part 3.
3. TT does not let me edit my existing form 4797 (ala Amending it), nor can I delete the form to start over again. The form is always there no matter how many times I hit 'delete' in the Tools center.
As there are many other users with similiar issues with form 4797, can someone at TT PLEASE look into this form and and how is filled out. Also that we can delete it or edit it. (and yes, I have tried all of the ways possible listed on the community to edit it or delete it with no avail, also customer support could not help and said I should just pay extra money to talk with another 'specialist' to look into the issue. (So, why should I have to pay to report and get a sopftware issue fixed on TT.)
I no longer recommend TT to anyone that have form 4797 in the mix.