Using TTBusiness 2019. Need to enter rental properties for an LLC (partnership, Form 1065).
Have reached the "Rental Real Estate" section in the "Federal Taxes" tab. The screen says "No Rental Property Entered" and instructs me to "Select Business Info tab above, and continue until the Rental Real Estate Property screen". OK.
I select the Business Info tab and get "Let's gather your business info" screen. I select "Continue".
I'm now at the "Confirm Your Business Information" screen which shows all of the information I previously entered. The "Has rental real estate activity (RRE):" question is answered "Yes". I choose "Edit", just to be sure, and I confirm that the "We rent real estate to others" box is properly checked. I choose "Continue" which takes me to the "Describe Your Real Estate Screen". It's properly described as "Commercial Real Estate", so I choose "Continue" again. This action returns me to the "Confirm Your Business Information" screen. Nothing else on this screen references real estate, so I move to the bottom and choose "Continue".
This action takes me to a "Reporting Your Income and Expenses" screen and the infinite loop begins. It doesn't matter whether I enter the cash method or accrual method of accounting. Once past the accounting method screens, I find that it also doesn't matter whether I have purchases or inventory to report. The real answer is "no", but no matter what I answer, it doesn't get me out of the loop. It then asks me whether I have a change of ownership to report (again, the answer is "no") but not matter what I answer, I'm still in the loop. Once I choose "Continue" from the "Change of Ownership" screen, I'm returned to the "Confirm Your Business Information" screen and choosing "Continue" starts the loop over again.
There's a problem here somewhere. Can someone help?
I didn't solve the infinite loop problem described in my message, but I found a work-around.
I found the "Show Topic List" on the black menu bar. Opening the list gives access to a "Rental Real Estate Info" option. Selecting this option gets one to the real estate data entry page.
Thanks to those that were thinking about it.
As a followup to ensure things are working correctly, after you finish "COMPLETELY" entering absolutely everything for the first rental, and "just before" you start to add another rental, go into FORMS MODE and check the IRS Form 8949 to make "sure" that everything is there for that first rental property under Column A. One lime is particular that must have a number greater than zero on it, is line 14 for depreciation.
It's unbelievable that something as simple as this hasn't been solved. What a waste of time, I went through this infinite loop for an hour. This situation is totally unacceptable from a product that has been around for so long. Thanks JT for the work around.
oh my gosh! So thankful I found this thread.
So mad.... loop loop loop loop.... restarted software.... was about to lose my cool! Only 2 days left on my extensions.....
Unbelievable Intuit! Fix your software!! I've never had issues with online versions of Turbotax