Selling real property - errors when I first purchased it

[tagteam]

If you also need assistance with the CA part of your return, then you might want to try Full Service.

See https://ttlc.intuit.com/community/choosing-a-product/help/what-is-full-service-by-turbotax-live/00/2...

However, I believe you will need to be using an Online version of TurboTax.

[gregdinger1525]

@tagteam 

I live in a rural area of Northern California.  There turns out to be a gal who knows TurboTax and is willing to do house calls.  She's offered to come see me this afternoon.  Fingers crossed...

[Carl]

Just a guess at this point, but it sounds exactly like what I experience when you show a loss on the land and a gain on the structure (or vice-versa). If you sold at a gain, then all assets must show a gain. Remember, even though you may deal with the land and structure on the same screen, they are two physically separate assets. One is depreciable for which depreciation is recaptured, and the other is not.

[gregdinger1525]

@tagteam 

ok, so here is where the meeting led me to.  

I currently have my return configured as follows:

I input the full sales price and sales costs on the "sales information" page, omitting a value for the "land sales price".  As discussed, the program then complains (on the Asset Entry Worksheet) about the absence of that (land) value on the Federal return. 

But I did provide the entire sale price and the sales costs, so the rest of the calculation seems logical and makes sense.  This is the approach that has led to the gain to appear on lines 6/7 of Part I, and remaining figures are confined to Part III.  Pretty sure this is what my CPA was leading me towards.

She pointed out that despite that (warning) error, I can still navigate through the process of completing and filing the return.  Or so it appears...  She feels it is a very small issue, unlikely to draw an audit.  

She is proposing that I simply submit this return, disregarding the warning, and move on.

Thoughts?

[gregdinger1525]

@Carl @tagteam 

I just want to scream.  I can't file the State return - it is not allowing me to do so.

Federal went fine, but because the land sales price is empty, it's stuck.  Do I print it, file it that way, and hope for the best?

[tagteam]

@gregdinger1525 I hate to say it, but I think you're going to have to call Support for this CA state return issue.

https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632

[gregdinger1525]

@tagteam 

Spoke with support, then the gal brought in a CPA.  In the end, we got past the Land Sales Price by specifying $1.  Regardless, we then hit a problem on the form 540, and decided it would be best to file by mail as he speculates that the form 593 (real estate withholding tax statement) needs to be mailed along with it.

So I don't remember a time that I mailed my return, and as such, have been researching the question of double-sided printing.

Is it allowable to print the return in 2-sided mode?  What I am reading in the forum is that you can't print the entire return - only individual forms - in such a manner.  That Schedule A and Schedule C (for example) cannot be on alternate sides of the paper.

Do I bite the bullet and print 1-sided?  Or is 2-sided ok?

[tagteam]

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@gregdinger1525 wrote:

@tagteam 

That Schedule A and Schedule C (for example) cannot be on alternate sides of the paper.

Do I bite the bullet and print 1-sided?  Or is 2-sided ok?

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I would not recommend doing that as it seems as if you could create all kinds of issues. I would just go with 1-sided, particularly with all of the other issues you have confronted. 

[VolvoGirl]

I see you mentioned CA 593.  Do you need info on that?

Here are my notes on how to enter it.

To Enter it go to the state tab and step though all the screens (many screens) until the very end and it will ask for Any Real Estate or other withholding forms.  But then it says to also enter it under the Federal side.  So go to.....

Federal Taxes (or Personal for Desktop HB)

Deductions and Credits

Then scroll way down to Estimates and Other Taxes Paid

Other Income Taxes - Click the Start or Update button

Next page scroll down to bottom section Other Income Taxes Paid

Click Start or Update by Withholding not already entered on a W-2 or 1099

Then you need to go though the CA return to the very last screen and put it in again so it shows up on the CA 540 line 73 for Real Estate Withholding and not line 71 as income tax withholding.

[gregdinger1525]

@VolvoGirl @tagteam @Carl 

OMG, I want to kneel down and cry.  It worked!

I followed the steps defined by VolvoGirl.  it allowed me to locate fields (the name of the title company, their address, etc.) and all of a sudden ALL ERRORS ARE GONE.  I just managed to e-file, despite having printed the forms and being ready to make the trek to the post office.

YAY - FRIDAY HERO WORSHIP TO ALL THAT HELPED HERE.

[VolvoGirl]

Thanks for posting back and letting us know.  Glad my steps still work.