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Gecheng
New Member

Rental property asset type bug

Hello TurboTax experts,

 

I am filing my 2020 tax using TurboTax. For my rental property at the Asset Entry Worksheet, line 5, Type of asset, the only option is :

M- Home Office

N- Home Office Improvement

 

Neither of them applies. I check my last year's TurboTax, it should be "I- Residential Rental", but I do not have this option for the software of 2020. I ignore it and proceed. But at error check, TurboTax keep saying that is an error and I must give the Type of Asset, but I couldn't choose the right one. How to fix this problem?

Many thanks.

 Greg

 

 

3 Replies
Mike9241
Level 15

Rental property asset type bug

a Turbotax pro I spoke to on 8/27 said the issue was fixed in the online version with the 8/26/2021 update.  if that's the version you're using evidently not.  I use desktop deluxe. the pro had a work-around for this version by using step-by-step and not forms mode. she was supposed to contact me when there's a fix. haven't heard from her yet. it works for current year additions but I just found out there's no way to correct prior years assets. depreciation computes correctly for prior years assets but you get the error on review which probably would prevent e-filing.

 

this bug has existed for several weeks now and supposedly was to be fixed with the above update. contact support. the more of us that complain, hopefully, the faster they'll come up with a fix without introducing other bugs. this bug was introduced with an update that was to fix other bugs.  

Gecheng
New Member

Rental property asset type bug

Mike,

 

Thanks a lot for your answer. I used the version installed on my computer and it is updated with the latest updates. Obviously, the bug has not been fixed yet. I am not sure how long I have to wait to have the problem resolved. Do you think I can print it out and file as a paper version by leaving the asset type blank? Do you know  TurboTax support phone number?  

Thanks so much again.

sentaru
Returning Member

Rental property asset type bug

I am also facing the same issue in desktop version. Posted in another thread for the same issue. Hope the fixed version is available soon.

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