4797 override

[kcampion]

I have to override entries on page2 of form 4797. I don't know where the figures are coming from but it's like there were 2 rental properties sold but it was one.

[Anonymous_]

@Mike9241 

[Critter-3]

Ok ... this is a user error ... the sale should be entered only ONCE.  If you are still using the Sch E for the rental income then you will ONLY report the assets sold in that section.  Go back to the Business assets sold section and remove the duplicate entry. 

[Mike9241]

in Turbotax each asset for the rental property is reported separately.  either that or you've made some incorrect entries. we can not see what you have entered. you need to contact support. overrides will prevent e-filing.

[NCperson]

@kcampion - you don't want to override - that could risk being able to efile and certainly invalidates the TT guarentee. 

[Carl]

This happens when you report the sale twice. Most likely, you reported the sale in the "Sale of Business Property" section, and the SCH E section of the program.You only report the sale once. Therefore, one of your sale entries needs to be deleted.

[kcampion]

Thanks to all, but I should have stated that the only reason I'm using an override, is because I can't delete the information on pg 2 of Form 4797. That's what I need help with. 

I'm amending my return because when I filed originally it did show 2 properties, one with a gain, one with a loss, total being a loss.  The sale was a gain so we owe IRS over $5,000, and over $2,000. to state. Will we be racking up penalties & interest with the backlog of mailed returns taking 6-8 months? Maryland reported the error to us.

[Critter-3 · Accepted solution]

Switch to the FORMS mode ... go to the 4797 and click on the amount that needs to go to data search the entry point  so it can be deleted if you cannot figure out how to remove it in the interview.  

[NCperson]

@kcampion - the penalties stop on the day you make the payment; not the day the return is processed.

you can make a payment today if you'd like at the IRS website.  That stops the penalties and interest.

https://directpay.irs.gov/directpay/payment?execution=e1s1

Or if you mail the payment with the amended return, the IRS will pluck the check out of the envelope when the amendment is received, even though the processing of the amendment may take awhile

The IRS is not as far backlogged currently as they were in June, but I'd still assume the amendment will take 4-6 months to process. 

[kcampion]

That worked! Thanks so much 😊