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mdm47
Returning Member

Unable to enter sale of rental property in TurboTax Home and Business 2022

This is a very specific scenario, and I'm not sure if I'm doing something wrong or if TurboTax has a bug following the path I took to get to this part of the software.  Using TurboTax Home and Business 2022, Desktop edition.  Imported my 2021 return without incident.  Sold a rental property in 2022, but went all the way through TurboTax, completely finishing everything else, and it never prompted me to enter the sale information.  The best explanation I found for how to enter the sale of a rental property was here: https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/sale-of-rental-house-..., but that simply didn't work.  TurboTax still never asks about the sale.  The box I click to indicate I sold the property is under "Property Profile".  Click "Update", and then go through the next couple of screens until I get to "Do Any of These Situations Apply to This Property?".  On that screen I check "I sold or disposed of this property in 2022", which makes the following message appear under the checkbox: "You'll enter the details of this sale when you reach the depreciation section later."  This seems to be consistent with what is posted on the forums.  The problem is, TurboTax never asks about the sale.  Later, when I click "Update" to the right of "Sale of Property/ Depreciation", I eventually get to the "Your Property Assets" screen.  On that screen, there is a note that says, "Note: Earlier you told us that you sold (disposed of) your xxx.  Be sure to enter your sale information in this section so we can calculate your capital gain or loss."  But, at the risk of belaboring the point, TurboTax never asks for this information or provides a way that I can find to get to a place where I can enter it.  In my case I have the property itself as well as a couple of other assets that are being depreciated.  Clicking on the Edit button for each of these gives me info about the asset, but does not allow for me to enter any sales info.  I even tried deleting the (primary) asset but, as I expected, it's just gone (along with both child assets) after that.  Can anyone tell me if I'm doing something wrong or provide a work-around?

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1 Best answer

Accepted Solutions

Unable to enter sale of rental property in TurboTax Home and Business 2022

You forgot to check the box in the screen below in the Assets/Depreciation section.'

 

Untitled.png

View solution in original post

3 Replies

Unable to enter sale of rental property in TurboTax Home and Business 2022

You forgot to check the box in the screen below in the Assets/Depreciation section.'

 

Untitled.png

mdm47
Returning Member

Unable to enter sale of rental property in TurboTax Home and Business 2022

I don't ever get the first screen you show above.  This is not a new asset, so that may be the reason.  Can you tell me how to get to that screen?

Here's how I'm going through the program...

I access it from Rental Properties and Royalties, and I click Update on that screen:

Screenshot 2023-02-20 105312.jpg

Then I go through multiple screens that don't seem to apply until I get here, and I click on Edit for the property I sold:

Screenshot 2023-02-20 105739.jpg

This lets me access the Asset:

Screenshot 2023-02-20 110249.jpg

Clicking Update to the right of Property Profile, and then going through some screens (that don't seem to apply) gets me here, where I can say it was sold:

Screenshot 2023-02-20 110729.jpg

Clicking Continue and proceeding through those screens does not get me to the screen you showed.  Similarly, if I then click on the Update to the right of "Sale of Property/ Depreciation", and I go through the different paths, I don't ever see the screen you showed in your post either.  Can you tell me how you got to that screen?

Unable to enter sale of rental property in TurboTax Home and Business 2022

Start at the screens below and then proceed through the rest of that interview section.

 

Untitled.png2.png

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