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Why does “Sold rental property” keep showing “Needs review” although I have already reviewed it?

 
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2 Replies

Why does “Sold rental property” keep showing “Needs review” although I have already reviewed it?

I would like to know this as well. I feel like something is incomplete, but it can't be. 

LinaJ2020
Expert Alumni

Why does “Sold rental property” keep showing “Needs review” although I have already reviewed it?

If "Needs Review" does not prevent you from e-filing and you were able to enter all the information under the Rental section, I would not worry about it.  But if you were not able to record the sale under Rental, you probably need to enter info under "sale of Business Property" section separately.  This will create a Form 4797 "Sale of Business Property".   The amount will show on line 8 of Form 1040 and Schedule 1.  Here are the steps:

 

In TurboTax online,

  • Sign in to your account, select Pick up where you left off
  • At the right upper corner, under Search, type in "Sale of Business property" and Enter
  • Follow prompts

 

Per IRS, when you sell a rental property, you should 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. Taxpayers usually use Schedule D (Form 1040), Capital Gains and Losses together with Form 4797 or Form 8949. Here is how your amounts look like on Form 4797,

  • If there was a loss on the sale, it will show on Form 4797, Part I.
  • If it’s a gain, it will show on Form 4797, Part III.
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