Huge bill after Test scenario for sale of rental property

Forum|Forum|7 years ago
June 1, 2019
1 reply
16 views

I wanted to test out the taxes due if I sold my rental property. Initially I selected that the property was sold in 2017 for a price. That gave me a huge tax bill

Now when I uncheck the box that indicated the house has been sold the tax bill does not go down.

Which other section is storing the property sale information? How else do I undo this scenario?

Thanks

Raja

TurboTax Premier Online

Carl

Level 11

Unchecking the box for "I sold or otherwise disposed of this rental in 2017" is not anywhere near enough to "undo" the sale. You have to work through each individual asset in the assets/depreciation section, work it through "as is" by indicating YES I STOPPED USING THIS ASSET IN 2017 and change all the sale amounts to zero. Then you have to work through each asset again, and select NO I DID NOT STOP USING THIS ASSET IN 2017.

If a vehicle was involved with then rental, then you have to work through the vehicle expenses section too, just like you did the assets/depreciation section.