is this on a sale of a rental or principle residence?
It was a primary residence until Feb 2018. Then rental until sold July 2019. Falls in 5 year capital gains exception is my understanding. But I’m getting this error when I answer all the questions.
According to this Turbo Tax link ,you are to rent the home for up to 3 years after you move out before you sell to avoid capital gains taxes. Unfortunately, i cannot see your screen to offer any advice on how to avoid this error message.
If you working in Turbo Tax online, i would advise connecting with a credentialed agent so they can look at your screen to see why you are encountering this issue. it is worth the effort.
I am having the exact same issue with the downloaded software. If you figured out the problem, I'd appreciate knowing how you solved it.
I'm having the same problem. It won't let me file without removing the worksheet which would remove the 250k exception to capital gains that I'm entitled to. Software is broken. INTUIT PLEASE FIX
I was able to eventually debug my issue:
I had sold my home at a profit, but because I had to allocate expenses to the land I had the land sold at a loss.
I was able to fix the error by increasing the sale price of the land by the amount of sale expenses allocated to the land so that it didn't sell at a loss (and decrease the sale price of the building portion by the same amount).
This didn't end up changing any of my ultimate tax situation, but did fix TurboTax complaining.
TurboTax should resolve this issue though. @DaveF1006 do you see anything wrong with my solution?
No. I don't see anything wrong with that as long as it didn't affect your overall tax return in anyway.
Increasing the sale price of land to match the original cost of land solved this error for me. Thanks @BunnyGo !!