My Sale of Business Property shows $908,623.00 I can't find any way to make this disappear. The Edit button doesn't let me override it to zero.

[sumitsircar-yaho]

I mistakenly checked a 1031 exchange property as a sale and am trying to reverse this.  Can't find any place to do this or the original entry.

[JulieS]

You can delete Form 4797 to get rid of that entry, but once you do that, you need to review the information that you entered about your 1031 exchange before you file.

 If you are using TurboTax Online:

1. From inside the return, scroll down to Tax Tools on the bottom of the left side menu.
2. Select Tools.
3. Click on Delete a form (third on the list at the bottom of the screen).
4. Find Form 4797 on the list of forms.
5. Click Delete to the right.
6. Confirm your Delete.
    

If you are using the Desktop version (disc or download):

1. Click Forms toward the upper right corner. 
2. Find Form 4797 on the list on the left.
3. Highlight it, then click Delete in the lower left corner of the reading pane.
4. Click on Step by Step in the upper right corner to return to the interview.
    

Click here for information about reporting your 1031 exchange. 

[sumitsircar-yaho]

Sorry Julie,

There's no item called Tax Tools on the left hand side bottom.  Only File an Extension, Intuit Account, Switch to Spanish and Sign Out are listed.

There's no entry for Forms on the top right hand side either (for desktop version, but checked it just in case).

Also, I could find no place where the 1031 exchange info can be entered.

On top of that, I bought 2 properties in the 1031 exchange (multi-asset exchange), which Turbotax doesn't handle.

Your help is greatly appreciated.

[JulieS]

Sounds like you aren't actually in the return. Be sure to open it up after you log in by clicking on Pick up where you left off. 

If you still don't see it, look for a scroll bar on the left side of your menu. 

[sumitsircar-yaho]

Julie,

I found Form 4797 p1, Form 4797 p2 (Copy 1) and Enterable 4797 (Copy 1)!  The only option is to delete each one of them.  I can't click on them to see the forms themselves.  Maybe should just go ahead and delete all three?

Also, I could find no place where the 1031 exchange info can be entered.

On top of that, I bought 2 properties in the 1031 exchange (multi-asset exchange), which Turbotax doesn't handle.

Your help is greatly appreciated.  SS

[RobertB4444]

This is what TurboTax says about the 'out-of-scope' parts of 1031 exchanges are-

Like-Kind Exchanges (Form 8824): Any loss on other property given up shown on line 14 is treated as either trade or business, or investment income depending on your entries in the smart worksheet for Additional Information Regarding Unlike-kind Property Given Up. Losses on personal use property, which must be limited to zero, are not supported. A "summary" Form 8824 is not automatically created when there is more than one Form 8824 in the tax return. Multi-asset exchanges are not supported when lines 12 through 18 are left blank and the correct amount is entered directly on line 19. Form 8824 does not provide for any differences for alternative minimum tax (AMT) for gains reported on lines 14, 24, 35, and 36. Any AMT differences for these lines must be entered directly on Form 6251. If an exchange with a related party occurred in a prior year and the property has now been sold and line 24 must be reported as taxable in the current year, you may need to make entries directly on Form 4797 to correctly split the amount on line 24 of Form 8824 between ordinary income recapture and other reportable gain.

That's a big word wall that says that this may be the year that you're better off hunting for a tax professional to do your return than trying to do it your self.

@sumitsircar-yaho 

[sumitsircar-yaho]

 My problem was that a tax due of over $900,000 was showing, but it was a 1031 exchange so should be no tax on the gain.  The first tax expert suggested deleting Form 4797, but that didn't work.  Another tax expert said that I would need TurboTax desktop instead of online.  Yet another tax expert said that 1031 exchanges are too complicated so I should consult a tax accountant.

After all this advice and more, I finally decided to clear the entries and start over.  Little did I know that this would land me in even worse trouble, because now TurboTax is treating me as a brand new customer and I have no way of accessing my previously almost completed tax return. A tax expert provided advice as to how I could get back to my original return, but it was not useful because I could only access the brand new return and couldn't follow the steps.

I then suggested that I should get a refund of my TurboTax payment and a tax expert said that it was outside their purview and gave me instructions on how to do this through Customer Support.  There is nothing I could find where I could request the refund of my money.  All the entries talk about the tax refund.  It's simply impossible to talk to a human being.  The automated replies are totally useless!

[MichelleLO]

If you would like to request a refund for your TurboTax product, you can do so in the below TurboTax Help Article.

How do I request a refund for my TurboTax product?

@sumitsircar-yaho