How do I edit/update "Sale of Business Property"?

[fkhalilz]

There appears to be a bug in TT which does not allow me to go back and update the entries in the "Sale of Business Property" section. This is where I had entered the sale of 2 rentals. But I need to update Asset Sale Price entry for both properties. How do I do this? Why TT has not fixed this bug even after it has been reported for at least a few years?

Thank you!

[fkhalilz]

Hello,

I have not received any response to this question so far.

Here is what I have done: Go to the "Forms", then select "Asset Wks" for the rental property that was sold. Then I manually corrected the entries on line 21 (Asset sales price), line 22 (Asset expense of sale), line 24 (Land sales price), and line 25 (Land expense of sale). Can an expert tell me if this is the right way to update these entries?

Thank you!

[KrisD15 · Accepted solution]

Yes, that would work.

For TurboTax Desktop I was able to edit the sale of a rental in Step-By-Step mode. 

Income

Rental Properties and Royalties

Update

"Review?"   Yes

Real Estate Professional? 

Continue

Select "Edit" next to the property

Scroll down to "Sale of Property / Depreciation and clink Update

"Do you want to go directly to your asset summary?"     "Yes, I want to go to my asset summary" 

Continue

Click  EDIT next to the rental property 

Continue through this interview to report the sale and make any adjustments needed. 

I went to the Asset Worksheet and made similar changes as you made

Those number flowed to all the other forms

I returned to the input screen and the numbers had been changed there as well

[fkhalilz]

Thank you @KrisD15 !

I tried it your way and I was able to make the same changes via step-by-step method you mentioned. My mistake was that I was trying to make those changes via an "update" to "Sale of Business Property" under "Wages & Income" section of TT, which does not work.

Thank you very much!

[MoniqueLO_]

We are glad you were able to get your issue resolved. 

If you need additional assistance please feel free to contact Customer Support.

@fkhalilz