How Delete Sale of Business Property

[ysette9]

Thanks for the instructions. I followed them and found the forms that need to be deleted, but as everyone else has found, they can't actually be deleted.

[JamesG1]

IRS Form 4797 form can be deleted at Tax Tools / Tools / Delete a form but if the information that generates the form remains in the software, the form will immediately re-generate.

If IRS Form 4797 was created from:

• the Business Asset Summary under a Self-employment income and expenses, or
• Your Property Assets under a Rental properties and royalties,

go to those summaries and re-move the entry directing the software that the item was sold, retired, disposed of, etc.

If IRS Form 4797 was created at Federal / Income & Expenses / Your income and expenses / Other Business Situations / Sale of Business Property, Revisit and remove that entry.

@ysette9

[newenglandsenior]

Nothing is working for me on  this, trying to correct an error I made on condo sale. I finally have created a revision in the sale of Business property smart Worksheet. The data is correct and it shows a loss as expected  in Part 1  item 2.

Continuing on Form 4797  p1.  I scroll down to item 6; gain (if any)  from line 32  and see a gain of $33,141 in item 6 

Turning to 4797  ( p2 copy 1) I see  $ 110,000  sale price which was my error since it was 50%  or 55,000. This 2nd page was done first and I've tried to seek and erase it. It triggers the 33,141 profit.

So there are 2 competing reports and I've tried everything to find and delete the first report. that's blocking me from completing  my taxes....  Really hope you can clarify

[JulieS]

You can fix this issue at the entry point in the interview, or in Forms mode, if you are using Desktop, from a disc or download. 

Can you clarify if you are using Desktop or working online?

[newenglandsenior]

TY  I am in the desktop mode.  I really don't know which path I took to report the 110,000 sales price.

right now, that  error entry shows on form 4797, page 2, (copy 1)

form 4797 p1   Part 1 item 2 shows what I believe is accurate.,  page 2 ,$110,000 screws everything up.

I believe the erroneous data may have been inserted at  "Sale of Business property.

I did the accurate data yesterday in what you called the interview page. as it matches the form 4797  Part 1, item  

Hope that helps, not hinders...

[PatriciaV]

@newenglandsenior

If you are working in Forms mode, you may find it useful to follow the flow of numbers on forms.

When you find a number you need to change that is in a black font, right-click the number and choose "Data Source." This will bring up a box with a hyperlink to the form where that number was sourced. If the number is still black on that form, repeat the Data Source + hyperlink to follow the number to the next form.

When you reach a number in blue, you can revise that number without creating a form error. Any form with a red exclamation point has an error. Click the Error icon above the forms list to see an explanation of that error below the form when opened in the large window.

Any number in green was imported from last year and should not be changed.

Additional info:

• What is Forms Mode?
• How do I switch to Forms Mode in the TurboTax for Windows software?
• What's the meaning of all the different colors in Forms Mode?

[newenglandsenior]

I somehow plugged in the same business sale twice, I have the accurate one up and OK, but I can't erase the other entry with the error in it. Can't leave it there; it shows larger write off for me and is not accurate

[JulieS]

If you switch to Forms mode, you should be able to see both entries on Form 4797 and tell which is correct. 

To delete the one that is wrong:

1. Click Forms toward the upper right corner. 
2. Find Enterable Form 4797 on the list on the left.
3. Highlight it, and you will be able to see the form in the reading pane. 
4. Find the entry that is wrong. In my example Property A is the wrong one. 
5. Delete each field for the incorrect entry by highlighting and clicking the Backspace key.
6. Once you are done, make sure none of your fields are red.
7. Click on Step by Step in the upper right corner to return to the interview.

[newenglandsenior]

so disappointed;  thought this was the One!  Now I realize you gave me the online answer, not the desk top...

hope you have that as well.

[JulieS]

This is the Desktop version. There is no Forms mode in online. 

Where did you run into problems?

[LeoTHo]

No, it still doesn't work.

[newenglandsenior]

It appears to be that I'm unable to get backspace key to respond.  The info is blue

[JulieS]

You can delete the entire Form 4797 and then re-enter your business property sale. 

To do that in TurboTax Desktop:

1. Click Forms toward the upper right corner. 
2. Find Enterable Form 4797 on the list on the left.
3. Highlight it, and click Delete Form in the lower left corner of the reading pane. 
4. If there are other Form 4797 sheets, delete them as well. 
5. Click on Step by Step in the upper right corner to return to the interview.
6. Re-enter the sale of the business property in the proper section of the interview.

@newenglandsenior

[newenglandsenior]

OK, I'm getting closer.

This time I uncovered the  Enterable  4749

Kept telling me to make new copy-- nothing like you suggested.

you said highlight and page will come up. I couldn't  get it to open so I went in and  opened it usual form

Then the backup key would not move.

[AmyC]

The backspace is to clear the field. You will need to highlight the whole number, then press the backspace key to clear the field. It may highlight the whole number for you when you click in the field but not always. Here is a picture of the field highlighted so the backspace key can clear the field.

@newenglandsenior