Form 4797

[mcgraham55]

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]

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? 

[mcgraham55]

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]

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.