topic Asset Type Code X for land? in Business & farm

Asset Type Code X for land?

muncass — Tue, 20 Aug 2019 19:29:23 GMT

The new turbo tax update says I have to use an asset type of Code X for land if the entire value is land. However, I can't find an asset type of Code X anywhere. Does anybody know how to do this?

Here is the message I received today when updating Turbo Tax. Note, this was NOT an issue until the recent update.

"Land Cost should not be the entire value of the asset. If this asset is entirely comprised of land and you want to keep this Asset Entry Worksheet for tracking purposes, change the Asset Type to Code X"

Re: Asset Type Code X for land?

casandrableu — Sun, 23 Feb 2020 20:39:03 GMT

Were you ever able to resolve this issue? I'm completing my return for 2019 and just received the same error for only one of my rentals (not all). This rental has been/currently is identified as type I-Residential Rental on the worksheet.

Re: Asset Type Code X for land?

muncass — Mon, 24 Feb 2020 16:25:36 GMT

Not really. Turbo Tax support gave us a work around last year, but it didn't clear the error. It just didn't prevent us from e-filing. Ours weren't residential though, and we had errors for all of ours. Since yours is just one error and the rest are good, you may need to call them.

Sorry,

Re: Asset Type Code X for land?

casandrableu — Mon, 24 Feb 2020 17:56:23 GMT

Hi,

Thanks for the information. I ended up having to change the presentation of the supporting worksheet for this item. Just very frustrating because there was no error or miss-classification. I'm reassessing my continued use of turbo tax.

Thanks again!