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TurboTax Business (trust tax return) doesn't prompt for Form 4797

Forum|Forum|3 years ago
July 1, 2022
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I have Turbo Tax Business for tax year 2021. I'm using it for a trust tax return. I sold business property (which was a rental property). Under the "Tell Us About Your Rental Property" section, I selected "This rental property was sold or otherwise disposed of during 2021", but I was never prompted to give the details of the sale for Form 4797. I believe this issue could be a software bug.

TurboTax Business Windows

Best answer by Anonymous_

Sorry, I should clarify. I didn't sell an asset. I sold the rental property itself. Does that same answer apply to selling the actual property? It was a parking lot, so it had nothing on it (no building, etc.).

If it was just raw land that you sold, you can enter that transaction in the same manner as if you had sold a stock, bond, or mutual fund.

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Anonymous_

Employee

It is not a software bug. You first need to add an asset as shown in the screenshot below.

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Anonymous_

Employee

You will then (after proceeding through the screens) arrive at the following screen.

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freekaren1Author

Sorry, I should clarify. I didn't sell an asset. I sold the rental property itself. Does that same answer apply to selling the actual property? It was a parking lot, so it had nothing on it (no building, etc.).