Unable to Review/Start "Sold Rental Property"
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Bill_999
Level 2

Unable to Review/Start "Sold Rental Property"

When I click on "Start", it takes me to the assets review and then finishes.  It does not let me answer any other questions and remains listed as "Needs Review" and "Start."  Is this a TurboTax issue or am I missing something?

 

I'm leaning towards it's a TurboTax issue because I am also trying to delete the "Repairs" section that says "Not Started" and no matter how many times I do so, it remains.

 

Thanks for any assistance one can provide.

9 Replies
LinaJ2020
Employee Tax Expert

Unable to Review/Start "Sold Rental Property"

If you are filing with TurboTax online, let's do these steps

 

  • Check your internet connection.  Try to log out and sign back in the program. 
  • Clear your cache and sign back into the program.  To clear cache, click here: Cache
  • You may also try a different browser.  
  • Then try again. 

You will report the gain or loss on the sale of rental property on Form 4797, Sales of Business Property or on Form 8949, Sales and Other Dispositions of Capital Assets depending on the purpose of the rental activity. Individuals typically use Schedule D (Form 1040), Capital Gains and Losses together with Form 4797 or Form 8949.

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Bill_999
Level 2

Unable to Review/Start "Sold Rental Property"

@LinaJ2020 I cleared my cache and used a different browser without any luck.  The below images are what remain.  Final review of my taxes finishes and will allow me to submit, but I feel TurboTax should be asking how much I sold the home for as well as if I made a profit or not.  When clicking on the "Start" button, it asks the questions in the "Improvements, furnishings, and other assets" section.  It's almost as if the link assigned to the button is incorrect.  Surely I can't be the only person experiencing this issue.

 

I included an image below of what remains. Screenshot 2021-02-09 060626.pngSold rental property

LinaJ2020
Employee Tax Expert

Unable to Review/Start "Sold Rental Property"

You are on the right path.  Please continue these steps:

 

From your screen Sole rental property, select Start

  • Next screen " Do you want to go directly to your asset summary?" select Yes
  • Next screen, " Your Property Assets" under "Residential", select Edit
  • Follow prompts
  • On screen, "Sales Information", enter information

Hope this helps.

 

 

 

 

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Tracesm
Level 1

Unable to Review/Start "Sold Rental Property"

I'm having the same issue and have gone through those steps multiple times. It just continues to say needs review.

JamesG1
Expert Alumni

Unable to Review/Start "Sold Rental Property"

At the screen Review Your Rental Property, have you scrolled to the bottom of the screen and clicked Done with rental property?

 

You will see questions related to the Qualified Business Income Deduction.

 

You may or may not qualify to exclude up to 20% of the qualified business income from federal income tax.

 

These questions end at the screen  Review Rental Income and Expenses where you can click the income and expense Summary.

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Tracesm
Level 1

Unable to Review/Start "Sold Rental Property"

Yes, but it still says Needs Review specific to the Sold rental property item under Assets in that section.

Bill_999
Level 2

Unable to Review/Start "Sold Rental Property"

@JamesG1 @LinaJ2020 

Following the suggestions above did allow me to enter the sale information, but never got rid of the "Needs Review" text and the button to the right remained as "Start" instead of changing to "Edit" when complete.  Yes, I clicked done the 20 times I went through it to ensure I didn't miss a question.

 

I decided to just delete the asset and report the sale another way.  I went to Tax Tools, Tools, Topic Search, and then typed in 4797 to report the sale of business property.  It allowed me to enter all information necessary.  FYI, this used to be my main home for 3 years before renting it out for 6 years.

 

If this is not the way to go, please inform.  Thank you.

Bill_999
Level 2

Unable to Review/Start "Sold Rental Property"

I went a step further and cleared my entire return and started over.  I entered the sale under the Expenses/Assets (Depreciation) Section for the house I was renting.  Same issue occurs even after hitting done.  I'm just going to proceed since all my information is entered and refunds have adjusted according to that information.  Thanks.

LinaJ2020
Employee Tax Expert

Unable to Review/Start "Sold Rental Property"

If "Needs Review" does not prevent you from e-filing and you were able to enter all the information under Rental, I would not worry about it.  But if you were not able to record the sale, you probably do need to enter a separate Form 4797.  Yes, the sale transaction should be reported on the Form 4797 "Sale of Business Property" .  The amount will show on line 8 of Form 1040 and Schedule 1. 

 

@Bill_999

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