Form 4797 - Sale of Rental Property. How do I enter sales price $225,000 - Land $18,355.32, Building $206,644.68 and override whats already calculated by Turbo Tax?

Forum|Forum|7 years ago
June 6, 2019
2 replies
13 views

I can’t figure how to enter land in Section 1 and building in Section III. Turbo tax has already calculated in Part III based on total sales price not just the building and I know this is not correct. I have tried over and over to override but unable. Can someone tell me how to fix this? Thanks.

TurboTax Premier Online

Anonymous

Go back to the Rental Property interview under Federal Taxes, Wages and Income, Rentals and Royalties. Edit the property in question. When you come to the assets, edit the property. When you originally entered the cost of the property, you split your cost basis into land and improvements . You do the same with the sale price,allocating by the same percent of total price. If you originally assigned 10% of the purchase price to land and the rest to the building, then use the same 10/90 split on the sale price and selling expenses.

nay_nay_1999_200

Level 2

I am experiencing the same problem as above, and have completed the split for my land and building, but Turbo Tax is still reflecting the building in Part I instead of Part III.