Sale of Business Property

[139-VBMond]

How do I delete incorrect information for sale of a rental property

[139-VBMond]

How do I delete incorrect information on the sale of a rental property

[Critter-3]

@139-VBMond 

You must return to the section of the interview where you entered the sale ... on a rental that is usually the Sch E section under the assets ... you had to sell them off individually. 

[lynnschuldt]

I was able to change and delete information on the Schedule E worksheets and asset worksheets found under "forms".

[FutureDragon]

Same problem still exists from the downloaded CD version.  I have to create a fake sale first, then delete that sale, then delete the associated copy created (copy1) to get to the "Sales of Other Business Property Summary" page. I have wasted many hours on this issue. If anyone from Intuit is monitoring, please file a high priority bug to your product/engineering group.

[rickstone]

It's 2024, and we are still unable to edit "Sale of Business Property" in the Interview windows of TT Online.

I made a mistake entering a sale, so TT has the wrong number on my "Your Income and Expenses" page. When I try to edit it, all the boxes are blank and there is nothing showing what I had entered.  If I re-enter the information, it doubles my gain.  It's almost like a phantom entry on the "Your Income and Expenses" page.

[MarilynG1]

To edit or delete the sale of a business property you've already entered:

1. Sign in to your TurboTax account and open or continue your return
2. Search for sale of business property (use this exact phrase—copy/paste if necessary) and then select the Jump to link at the top of your search results
3. On the Any Other Property Sales? screen, make sure the first checkbox is selected and choose Continue.  Choose YES on the next page. 
4. The next screen, Sales of Business or Rental Property, should display Edit and Delete buttons next to all the properties you've already entered
5. Select the appropriate button and follow the onscreen instructions to either edit or delete the info on Form 4797

@rickstone 

[rickstone]

Thanks Marilyn.

When I go to your Step #4, all the boxes are blank.  It appears as if I have not entered any sale, but on the page "Your Income and Expenses", the gain/loss appears under "Sale of Business Property".

Very strange.  I'm just trying to clear/delete/edit a Sale

This appears to be a software issue with TT Online.  Is there any way to delete an incorrect number from "Your Income and Expenses"?

[PatriciaV]

Let's review the steps for TurboTax Online.

1. From Your Income and Expenses, click Edit beside Sale of Business Property.
2. Confirm the radio buttons are checked for the type of sale(s) you entered.
3. There are several sections under this topic, including:
       Sale of Business or Rental Property
       Sales of Other Business Property
       Installment Sales
   These follow one after another, so you may need to work through the sections to arrive at the topic you need to edit/delete.
4. On the page "Sales of Business or Rental Property", you should see Copy 1 with Edit/Delete to the right.
5. You can click "edit" to see which sale is listed and delete the sale from the "Property Sale Summary" page. Or You can click Delete next to Copy1 on the previous page to remove the transaction.
6. The next section is "Sales of Other Business Property Summary".
7. There will be a description in the list, which you can Edit then Delete, or Delete from the summary list.
8. Same steps for Installment Sales.
9. Click Done or Continue as needed to move through the topic.
10. You should arrive back at Income and Expenses.

@rickstone

[jonunger]

I posted in another thread on same problem of my inability to modify a prior Form 4797 entry with TT Online, then I found this more recent thread. Following your instructions to check button "Sales of business or rental property that you haven't already reported" (my emphasis) and then to step through the input screens does not bring up/display my prior entry of a sale I want to modify as you indicate. This only allows me to enter more sales (which I can edit/delete). So this menu is for only what it says - new entries - and does not provide any access to prior entries of 4797 sales. I suspect this lack of access to prior entries  is not going to be fixed in the near future?

[DianeW777]

This is an old thread. You will see the answer in your most recent question and posted here for your convenience.

It depends. If you do not  have a sale of business property in 2024, you can delete your 4797 by using the steps below. Select the correct link based on the product you are using.

You'll need to delete this form 4797 --------------------. 

• If you're using TurboTax Online software and need to delete a form, click here.
• If you're using TurboTax Desktop software and need to delete a form, click here.

@jonunger 

[Edited: 03/08/2024 | 2:17 PM PST]