Form 4797

Forum|Forum|4 years ago
March 28, 2022
1 reply
2 views

How do I delete information on Form 4797 page 2 Gain From Disposition of Property. I entered in correct information and need to correct.

KrisD15

Level 15

To clarify

Which program are you using, Online or Desktop?

What is the business property? Rental, vehicle, something else?

What do you need to edit? Basis, sale price something else?

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mcgraham55Author

Level 2

I started with the online version but when I realized I had made a mistake and couldn’t see the form to find my mistake I switched to the download version (desktop) This was for the sale of a rental house that we sold. We sold at a lost, somehow it went in as a gain. I would really like to delete the form and start that section over.

JamesG1

Level 15

In TurboTax Desktop Premier version, follow these steps to delete a rental asset.

Go to Federal Taxes / Wages & Income / I'll choose what I work on / Rental properties and Royalties.
Select Update to the right.
Continue through several screens.
At the screen Rental and Royalty Summary, click Edit for the rental activity.
At the screen Review your rental summary, click Update to the right of Sale of Property / Depreciation.
At the screen Do you want to go directly to your asset summary?, select Yes.
At the screen Your Property Assets, select Delete to the right of the asset to be deleted.

You may find that the sale of the rental property generates a recapture of depreciation on IRS Form 4797 Part III line 22 that accounts for the gain that you are seeing.

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