Hello,
Prior to 2018, I filed my return with the Rental Properties and Royalties section filled out. In 2019, I filed my return without the Rental Properties and Royalties (I believe I got prompted to delete the schedules). Now, in 2020, it looks like I need the Rental Properties and Royalties section back again (so I can report the sale of the rental).
How can I import in just this section from my previous 2018 records? Do I have to reenter them all again? Will this still be valid?
Thank you!
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TurboTax does not allow you to transfer only the Rental and Royalty section. You'll need to re-enter all your data.
Note: You may need to amend your 2019 income tax return to report your Rental and Royalties. See Do I need to amend? If you amend your 2019 income tax return, the rental information will be transferred from your 2018 income tax return (which includes your rental). Once you amend 2019, you'll be able to transfer the 2019 tax information (which includes the rental) to your 2020 income tax return so you can report the sale.
Hello,
Ok, I see.
If I re-enter all my data over again, would that create valid rental schedules to report the sale?
As a further question:
Instead of re-enter all my data, would the following procedure be valid?
Transfer my 2018 income tax return (which includes rental) to a new 2019 tax return, then just saving that without doing anything to it. Then, transfer that newly created 2019 tax return information over to a new 2020 tax return.
Would the associated rental schedules be valid in the 2020 tax return to report the sale?
Thank you!
This is a horrible, horrible flaw. TT prompted me to delete my rental property forms also because the property was not in use one year. I never dreamed it would completely delete the data going forward...but it did. There does not seem to be a way to import the data again after the return is started, so I will need to redo the entire tax year over. How hard can it be for TT to import just certain worksheets from previous years?! THIS NEEDS TO BE FIXED!!
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