Schedule E - Asset Entry Worksheet

[mattsosj1]

I have a rental property that I sold in 2023.  I fill out all the requirements in the Turbo Tax Questionnaire for an asset that was a rental property until 7/31/2023 and was sold on that date.  I get an error when submitting my Federal Tax Return on Schedule E - Asset Entry Worksheet, despite entering everything correctly for this property both line 20 and line 23 are not filled in.  On line 20 for Date Sold for Date Sold, Given Away, or abandoned.  I enter the date the asset was sold manually on the form.  In addition, I put the property type (line 23 Property Type) manually where I enter Real Property.  This has a dramatic impact on my tax return.  Before entering this information manually, I want to make sure this is not a bug in Turbo Tax.  I've gone through the scenario multiple times.

[Mike9241]

what do you mean "manually entered"  on what? the form the 4797 or the asset worksheet?  in TurboTax there's a dropdown box that must be used.  since it seems you didn;t use Turbotax in prior years you also have to enter all the deprecition taken through 2022 for both regular tax and amt tax purposes.

you didn't mention anything about entering the sales price online  21 and sales expenses on line 22

no sales price no entry on line 23. so if you enter it manually, that's an override that TurboTax does not allow and prevents e-filing.. 

what version of Turbotax are you using? 

[mattsosj1]

The schedule E didn’t have errors, but the Asset Entry Worksheet had errors.  On the worksheet, neither Line 21 or Line 23 were filled out on the worksheet.  Line 21 was for Date Sold, Given Away or Abandoned.  Line 23 was for Property Type.  What I mean by I entered them manually was I had to fill it on the form itself, not on the TaxTurbo tutorial/questionnaire.  So I inputted the data on the form.  Once I do that it had a significant impact on my returns.  I want to make sure there was no bug since TurboTax could not automate filling out these lines on the form.  I summed up my previous years depreciation.  I have used straight line depreciation.  I am confident this is correct on that calculation.  I am TurboTax Premium.