Schedule E Asset Entry Worksheet For Real Estate

[MY2021]

Schedule E asset entry worksheet only shows two types of assets to choose from - Home Office and Home Office Improvement.  All my previous asset worksheets are now "not done" because of this. If this is a program problem, can Intuit give us a date when it can be fixed? Is there any other alternative beside waiting for the fix?  

[rjs]

@MY2021  Read the posts above yours in this thread, particularly the post at the following link.

https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-schedule-e-asset-e...

[Patad]

Thank you to everyone for submitting and following up with Turbo Tax.  Latest update says TT is expecting a fix 8/23-27.  I assuming someone at TT is monitoring this forum so, any word on if a fix will be available by 8/27?

Thanks again.

[savetacks4me]

I am using the Mac desktop Home & Business TT. I just downloaded the August 26 update (2020.r45.079). It did not fix this bug for Asset Entry on Schedules A, C nor E. I still see the "M-N Home Office" constraint on Type.

I do not use Schedule E, but I still tested its Asset Entry Worksheet. I think the Schedules A and C bug can stay on this thread.

A possible workaround for desktop users may be to install the earlier version from the CD, do all the Asset Entries there, then open the resulting file in the latest version, being careful not to change the Asset Entry worksheets (or even try to submit from the earlier version). I have not tried this, since can wait a little longer for the bug fix and fear this workaround could introduce further issues.

[Mike9241]

using desktop deluxe after 8/26/2021 update bug still exists. only m & n for asset type. even after reinstall workaround is to use step-by-step so correct depreciation is computed but a real hassle when there are many items to add. 

[Xtermy]

Thanks for the information, buch111111.

I only had one rental schedule, so it was already "tainted" when I clicked on it after the botched app update, haha. Also, while I knew that selecting one of those two options that the unpatched app forced me to choose from (either "Home Office" or "Home Office Improvement") would indeed allow me to file my tax return, I didn't want to take a risk that it could somehow affect my taxes in the future, such as if I decide to sell this rental property.

Anyway, my solution was simply to delete and then redo the Depreciation section of for that rental property, and it worked.

However, this issue has now been apparently patched, so it's finally fixed now.

EDIT: I did not see the last 2 responses, so apparently this issue hasn't been fixed yet, despite the latest update. However, I see that another TurboTax expert has confirmed my previous workaround of simply redoing the Depreciation section for each rental property (annoying yes, but seems to work; at least for me it did).

[Thud]

still not fixed today-- even though TurboTax 2020 says it is up to date.   Still only two incorrect asset class choices  for my rental  property...

[macuser_22]

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@Thud wrote:

still not fixed today-- even though TurboTax 2020 says it is up to date.   Still only two incorrect asset class choices  for my rental  property...

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Yea -  the word from the developers is the fix did not make it into the r45 update.   It should be in the r46 update when released (probably next Thursday or the following Thursday).

[savetacks4me]

Please confirm that similar bug is noted and fix scheduled for Schedule A and C Asset Entry Worksheets,

[philenix]

Has the error for asset type been fixed.  Need to fix errors so can file!

Thanks

[MY2021]

No. I just got recent update but the bug for "asset type" is still not fixed. This is getting absurd. 

[macuser_22]

They said the fix will be in the next update.  (They also said it would be in the last update - but it wasn't.)

[gotbits]

It's September, and I just found this bug also.

Here is a possible workaround for assets like computers and cell phones, which were the assets I was getting errors on. I was not able to keyboard in the full asset type name, eg "A-Computer". But I was able to type into the box just the letter "A" and click on the next asset worksheet. The error went away and the letter A seems to have stuck. Same for my other 3 asset sheets. The IRS should know their own codes, so I'm hoping this is good enough.

I hope the errors don't pop up again when I go to file. Hope TT gets this fixed for us all soon.

[jefjulia]

Appears to have been fixed in tonight's update.