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lowertaxesforall
Returning Member

Sale of Rental Property

Entered the wrong sales price for the sale of a rental property.  How can I correct this amount? 

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10 Replies

Sale of Rental Property

Are you unable to return to the section where you entered the figure and correct it? Where exactly did you enter the figure? In the rental section of the program? You should be able to simply delete the figure and type in the correct one.

lowertaxesforall
Returning Member

Sale of Rental Property

Entered wrong amount in Sale of Business Property.  When I go back to that section there is no place to edit the previous input.

Sale of Rental Property


@lowertaxesforall wrote:

Entered wrong amount in Sale of Business Property.  When I go back to that section there is no place to edit the previous input.


If you had a loss on the sale, then the program will remove the entire transaction; there has to be a gain in order to enter the transaction in the Sale of Business Property section.

 

Provided your adjusted basis is the same as your basis for depreciation, you can enter the sales transaction in the Rental section of the program. The entry will be reported on Form 4797, which would be the same treatment as having entered the transaction in the Sale of Business Property section.

lowertaxesforall
Returning Member

Sale of Rental Property

I overstated a gain and cannot delete the entry.  How can I edit or delete the entry?

Sale of Rental Property

I am hoping you are using a desktop version of TurboTax. If so, you can enter Forms Mode and edit (delete) the entry directly on the 4797 worksheet.

lowertaxesforall
Returning Member

Sale of Rental Property

Yes, I am using the desktop version.  Have entered the Forms section and have tried to delete Form 4797, but the form immediately returns after I hit the delete button.  Any other thoughts on removing Form 4797 from my return.  Thx

Sale of Rental Property

You mentioned that you needed to enter a different figure, which you could not do in Step-by-Step Mode.

 

Consequently, enter Forms Mode and locate the worksheet on which the asset is entered. The name of the worksheet may vary depending upon the section in which you entered the transaction.

 

Regardless, the worksheet, which you will find under Forms in My Return and will appear as Asset Entry, Asset Wks, or Enterable 4797, will allow you to change any figure you entered and will also allow you to delete the form entirely (see screenshot).

 

4797.png

Blamadrid1
Returning Member

Sale of Rental Property

How can I edit wrong entry on sale of rental property. 

Irene2805
Expert Alumni

Sale of Rental Property

The details of the sale of the rental property are entered in the assets section of the rental interview.  To enter or review the sale of the rental property, please follow these steps:

  1. Click on Business > Continue > I'll choose what I work on.
  2. On the screen, Let's gather your business info,  click the Start/Update box next to Rental Properties and Royalties.
  3. you will come to the Rental and Royalty Summary screen.  Click on the Edit box next to the property. 
  4. Click Start/Edit next to Property Profile.  
  5. On the screen, Do Any of These Situations Apply to This Property? mark the box that you sold or disposed of the property in 2020. 
  6. When you reach Review Your [XX]Rental Summary, click the Update box next to Sale of Property/Depreciation.
  7. If you have assets entered already, on the screen, Do you want to go directly to your asset summary? mark the Yes radio button and click Continue.
  8. Click Edit next to the property.
  9. On the screen, Tell Us More About This Rental Asset,  mark these boxes:  I purchased this assert new; and the item was sold and enter the date of the sale
  10. The next screen allows you to enter or confirm your prior depreciation .
  11. You will eventually come to a screen to enter the sales information.
  12. Continue through the interview, entering the requested information.
  13. You will be brought back to Your Property Assets.  If you have other assets related to this property, follow the same procedure with them by clicking Edit on an existing asset [or Add an Asset].

 

@Blamadrid1

 

Blamadrid1
Returning Member

Sale of Rental Property

Thanks for the help.

 

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