How do I review the sale of my rental property?

[kristinelise57]

I am preparing my 2020 taxes. I entered info for the sale of a rental property. TT now lists my total profit from the sale, but I cannot figure out how to go back to that section and review my info before I finalize things. When I click "update" it just asks if I want to list another sale, then it goes right back to the summary page.

[PattiF]

You can view all of you return or just the 1040 form before you e-file:

1. Open or continue your return.
2. Select Tax Tools in the left menu (if you don't see this, select the menu icon in the upper-left corner).
3. With the Tax Tools menu open, you can then:
   • Preview your entire return: Select Print Center and then Print, Save, or Preview This Year's Return (you may be asked to register or pay first).
   • View only your 1040 form: Select Tools. Next, select View Tax Summary in the pop-up, then Preview my 1040 in the left menu.

[kristinelise57]

Yes, I can review the return before filing, but what if I need to AMEND this info? Every other aspect of my return can be revisited and I can edit the info I've entered. Why is this particular topic different?

[PattiF · Accepted solution]

In order to view the information in your return and make changes you would:

In TurboTax Online:

Go to Income & Expenses, then Rental Properties and Royalties (Sch E), Edit/Add,  and Edit. The categories that you have used to enter information will be available to Edit. Click the Edit Button of the category that you want to review.

In TurboTax Desktop:

Open Return, Click on Business, then Rental Properties and then the Update button.

You should be able to review the information that you want to see.

[kristinelise57]

Oh, thank you. I thought I should be able to get there from "Business Income and Expenses > Less Common Business Situations > Sale of Business Property > Update" because this is where my final profit appears.

[PattiF]

You are welcome. I'm glad that the information helped.

[DanBr]

The response given Turbotax online addresses rental properties (schedule E).  Schedule E does not address the SALE of rental properties or other businesses.  This is covered under Business Items, Sale of Business.  However, every time I attempt to update my entries for this subject, Turbotax goes to the END of the section instead of the beginning.  If you check add another property, it does not allow you to review or amend what you have already entered.  In fact, it doesn't allow you to add another property unless it has unique circumstances.  HELP!

[kristinelise57]

This is what worked for me:

Business > Rental Properties and Royalties: Update > Select property: Edit > Sale of Property/Depreciation:  Update > Select the house (or whichever asset you want to look at): Edit > Review Info and Continue > Did You Stop Using This Asset in 2020?: Yes > Review Date of Sale and Date Acquired and Continue > Special Handling Required? This is the key. YOU MUST ANSWER NO TO THIS QUESTION IN ORDER TO CONTINUE REVIEWING YOUR SALE. Now it will ask if it was the sale of your main home (I presume "no" if it's a rental). And the next page will take you to the Sales Information (Asset and Land Sales Price and Expenses).

Hope this helps.

[DanBr]

Thank you so much. It worked but I wish TurboTax would fix their bugs.  

On the summary sheet, TT shows an entry under:

Business Items

[DanBr]

Thank you so much. It worked but I wish TurboTax would fix their bugs.  

On the summary sheet, TurboTax shows an entry under:

- Business Items

     - Sale of business property

And an update button. 

But when I hit the update button, it goes to the end of this section instead of the beginning.   So in order to update this entry, I have to go to a different section:  Rental Properties and Royalties (not Business items).  The rest of your advice was spot on.   I still don't understand why TurboTax doesn't take you to the place you need to go to update an entry when you need to update.

[kristinelise57]

Yes, this was the same issue I had when I originally posted my question. I thought "update" under the sale would take me where I needed to go, but it didn't (as you also found). Glad to be of help.

[MaxA]

How do I review the sale of my rental property. The property was 1031 corporation

[DaveF1006]

To clarify, are you using Turbo Tax online or Turbo Tax software?

[kristinelise57]

I am using TT Home and Business software, not online version.

[ErnieS0]

You can view/adjust your sale information in TurboTax CD/Download in the Forms mode @kristinelise57.

Here's how to do it:

1. Tap Forms in the upper right corner
2. Tap the Asset Wks for the property you sold in the left corner
3. Find Dispositions (lines 20-36.

A Section 1031 exchange will be on Form 8824 @MaxA. Look for the Summary Smart Worksheet between lines 7 and 8.

When you are finished in Forms mode, tap Step-by-Step in the top right to return to the interview mode.