I was paid by a Utility company for an easement on my commercial property. I want to adjust the basis of the land down by that payment amount. How or where do I make this adjustment within Turbotax for Business?
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You will go to the form where your basis is listed, and manually override,
The TurboTax CD/Download software lets you override, or replace, the amounts it calculates. Because overriding can only be done in Forms Mode, you won't be able to do this in TurboTax Online.
Under normal circumstances you shouldn't need to override anything; in fact, overriding may invalidate our 100% Accurate Calculations Guarantee. Also, returns that contain overrides cannot be e-filed.
InstructionsTo reverse the override, follow the same directions except choose Cancel Override in Step 2 (on the Mac, uncheck Override in the Edit menu).
When you run the final review, TurboTax will let you know if there are any overridden values in your return. If there are, you'll get an error message if you try to e-file your return.
You will go to the form where your basis is listed, and manually override,
The TurboTax CD/Download software lets you override, or replace, the amounts it calculates. Because overriding can only be done in Forms Mode, you won't be able to do this in TurboTax Online.
Under normal circumstances you shouldn't need to override anything; in fact, overriding may invalidate our 100% Accurate Calculations Guarantee. Also, returns that contain overrides cannot be e-filed.
InstructionsTo reverse the override, follow the same directions except choose Cancel Override in Step 2 (on the Mac, uncheck Override in the Edit menu).
When you run the final review, TurboTax will let you know if there are any overridden values in your return. If there are, you'll get an error message if you try to e-file your return.
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