4797 not being generated for sale of a rental home.

[DonandDonnaF]

We sold a rental home in 2020.  I enter the information in TurboTax Premier, including the fact the house was sold.  No form 4797 is being generated to report the required recapture of the depreciation.  Also no opportunity is being provided to calculate and report any capital gain or loss on the sale.  Is there a estimate of a date when this error will be corrected and available?

[tagteam]

Can you provide more information. For example, which version of TurboTax are you using? In which section are you entering the transaction? Also, could you provide figures for your basis, accumulated depreciation, and selling price, even if those figures are hypothetical?

[AmeliesUncle]

Did you just check the box that it was sold, or did you actually report the sale's information (sale price, etc.)?

[Mike9241]

you have to enter sales price and sales costs. also, date of sale. if there ate multiple assets you have to allocate those items among the assets to get correct results. 

[DonandDonnaF]

Yes, box is being checked and no, I am being given no opportunity to input sales information.  Last evening I upgraded to Home and Business, still without effect.

[AmeliesUncle · Accepted solution]

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@DonandDonnaF wrote:

Yes, box is being checked and no, I am being given no opportunity to input sales information.  

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You need to go through each "asset" and indicate it was sold.  

If you are already doing that, then you get the "Special Handling" screen, are you saying "yes" or are you saying "no"?  If you are saying "yes", what is the reason for that "yes"?

[DonandDonnaF]

Thanks.  Ill try that

[DonandDonnaF]

I have been answering Yes because the last bullet says "- This asset was a rental, a home office, or a home office improvement within a home"

I am proceding by answering NO in the Special Handling screen.  I now see progress, I think 😉

[DonandDonnaF]

I answered YES because to me... it is a rental

[DonandDonnaF]

Final solution was answering no to Special Handling section.  The last bullet is misleading for a "rental" home.

After answering no I was immediately taken to where the sales information is input.

[AmeliesUncle · Accepted solution]

I think that question is asking if you had a rental WITHIN your home (it probably should say "your" home rather than "a" home).  In other words, you are living there but rent out PART of your home.

[DonandDonnaF]

The construction of the questionnaire is poor.  I'm not really surprised as there is so little emphasis on language these days.  The bullet should be reworded to be clear.  Thanks to you, though, I got there in the end