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February 26, 2020
Question

How do I delete a Sale of Business Property? The income is now reported 2x in both the Schedule K-1 that I later added and in the undeletable Sale of Business Property.

  • February 26, 2020
  • 1 reply
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I've already tried the workarounds recommended in similar questions. They don't work.

When I enter the Sale of Business Property screen, I get the "Any Other Property Sales?"

I have tried checking the first box for "Sales of business or rental property that you haven't already reported" (which I have reported in the K-1) and added and deleted sales here, but the Sale of Business Property refuses to go away.

I have tried checking "None of the above." That doesn't work either.

The number reported as income for this Sale of Business Property is being directly pulled from my K-1. The same number is also reported as income on the K-1. I can see in the Tax Summary that double the income for this sale is being reported, with no way to delete the Sale of Business Property.

1 reply

February 26, 2020

Yes, you can delete the Sale of Business Property.

 

Check the box that you originally checked when you made the entry, and when you get to the Summary screen, Delete that entry (screenshot).

 

You can also Delete Form 4797 from your return and then delete/re-enter your K-1.