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jmranch
New Member

Incident #xxxxxxxxx; 2015 tax return $280k for home & $16,570 for land but when I go to sell property Turbo changes home to $263,430 which is exactly $16,570 difference

 
9 Replies
Critter
Level 15

Incident #xxxxxxxxx; 2015 tax return $280k for home & $16,570 for land but when I go to sell property Turbo changes home to $263,430 which is exactly $16,570 difference

Yes, when you sell the property the land needs to be sold separately from the building since they are in different categories.
jmranch
New Member

Incident #xxxxxxxxx; 2015 tax return $280k for home & $16,570 for land but when I go to sell property Turbo changes home to $263,430 which is exactly $16,570 difference

I understand that but the total cost of the property was $296,570; $280k was the building and $16,570 was the land. Now when I sell the property Turbo is making the building $263,430 (even though I verified and entered $280k) and the land $16,570.
Critter
Level 15

Incident #xxxxxxxxx; 2015 tax return $280k for home & $16,570 for land but when I go to sell property Turbo changes home to $263,430 which is exactly $16,570 difference

I think you will need to wait until the forms 4562 & 4797 are fully operational 1/12/17 for this portion of the program to work effectively.  Also make use of the techies @  TT support since the original incident doesn't seem to have been resolved yet.  Maybe someone else will chime in on this post in the next few days ... I myself will try to work this problem out when I have a chance to see where you seem to be having troubles.   I highly recommend you switch to the Downloaded version if you have not paid for the Online version yet (save money & just get the Deluxe version) so that you have access to the FORMS mode at will.  <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/1901476-how-do-i-switch-from-turbotax-online-to-the-turbotax-softw...>...

<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/1908854-forms-availability-table-for-turbotax-federal-products-exc...>
jmranch
New Member

Incident #xxxxxxxxx; 2015 tax return $280k for home &amp; $16,570 for land but when I go to sell property Turbo changes home to $263,430 which is exactly $16,570 difference

I am not sure I understand about having access to the forms at will. I printed the forms in turbo tax with the worksheets and that enlightened me to the change in the cost of the building from $280k to $263,430 that turbo tax did behind the scenes. I already paid for the online version.
Critter
Level 15

Incident #xxxxxxxxx; 2015 tax return $280k for home &amp; $16,570 for land but when I go to sell property Turbo changes home to $263,430 which is exactly $16,570 difference

In the downloaded version there is a "toggle switch" where you can go from looking at the forms to the input mode so you don't have to print anything.  You can make a change then look at how it effected the form instantly.  In the forms mode you can even make some direct entries when needed.  It is a superior program so you may consider using it in the future.

I am glad you and the program are on the same page now ... the support team should have been able to walk you thru the correct entries to complete your incident report earlier ... but you probably didn't get a tax pro, you probably only got a techie who only knows the program and not the tax law.
jmranch
New Member

Incident #xxxxxxxxx; 2015 tax return $280k for home &amp; $16,570 for land but when I go to sell property Turbo changes home to $263,430 which is exactly $16,570 difference

Thanks for all your suggestions and support. I will be speaking with another member of the support team shortly. I'll keep you posted!
TaxGuyBill
Level 9

Incident #xxxxxxxxx; 2015 tax return $280k for home &amp; $16,570 for land but when I go to sell property Turbo changes home to $263,430 which is exactly $16,570 difference

In every place that I have seen where it asks you for the cost and also the cost of land, you need to enter the TOTAL for the ENTIRE property (building AND land).  In other words, you need to enter $296,570, not $280,000, as it automatically subtracts the cost of the land.
jmranch
New Member

Incident #xxxxxxxxx; 2015 tax return $280k for home &amp; $16,570 for land but when I go to sell property Turbo changes home to $263,430 which is exactly $16,570 difference

Where have you been TaxGuyBill?! You could have saved me 1 half hour and 1 45 min phone calls with tech support. The first guy thought it was an unrecaptured capital gain issue and the second guy thought it was a flaw in the software. Sincerely, thank you so much for stating that; It would be nice if TurboTax would have a little note there specifying what you just said. Thanks again and Merry Christmas!
Critter
Level 15

Incident #xxxxxxxxx; 2015 tax return $280k for home &amp; $16,570 for land but when I go to sell property Turbo changes home to $263,430 which is exactly $16,570 difference

When the asset is entered into the program it asks for the total cost  &  then the land value to break it out for depreciation purposes ...

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