How to delete "sale of business property"

Forum|Forum|4 years ago
March 14, 2022
2 replies
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In "Your income and expenses", it shows that I have a huge amount Sale of Business Property. But I have not sold any Business Property. I clicked into Sale of Business Property(as instructed in another similar question), and there were no buttons to edit or delete. how can i find the source of this error and delete it?
please...

TurboTax Self Employed Online

Best answer by JamesG1

Your instructions are very detailed and I really appreciate it
But a bit awkward, I think there might be some bugs with turbotax online.
I followed the steps of "Wages and Income > Other Business Situations > Selling Commercial Property > Starting or Revisiting> "
Then I didn't see my sales as expected. Instead, the "Are there any other properties for sale?" screen appears.

Actually, I tried many times before posting this question. Just can't find any sales information.

"I tried several times to delete the form 4797, every time the page says the deletion was successful, but it's still there."

You are able to delete IRS Form 4797 but there are entries in the software that immediately re-generate the form.

You need to remove those entries but I am still unsure where you indicated that the vehicle was sold.

Was this done at the screen Let's get some info about this vehicle by clicking I stopped using this vehicle in 2021? This can be reviewed under Self-employment income and expenses. Click Edit to the right of Vehicles. Click Edit to the right of the vehicle at issue.

Or did you enter the sale through Federal / Income & Expenses / Your income and expenses / Other Business Situations / Sale of Business Property?

Once you get IRS Form 4797 removed, you can move on to DianeW777's process of:

Correctly removing the vehicle from service, and
Recording the sale outside of the business/asset entry.

@lililuo

KrisD15

To clarify

did you sell a vehicle or rental home?

Did you sell your personal home and perhaps report it as a rental sale?

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lililuoAuthor

Thank you for reply.

Maybe that was the problem, I traded in a car for a new one. Maybe I made a typo here and the situation turned into a sale of business property and it showed I had a big income, now I just want to find where this error occurs and correct it.

ColeenD3

A trade-in of a business vehicle is a sale. The like-kind exchange rules expired in 2018. If you took accelerated depreciation and disposed of the vehicle before the end of its useful life, you have to recapture the depreciation.

5and29rfine

I cannot delete the sale of a rental property for which I entered the wrong amounts of expenses. When I try to change the amount, Turbo Tax wants to enter my information as a totally new and additional sale (resulting in a HUGE tax increase for me.) I want to totally delete this sale and start over, but I cannot get rid of it. Please help.

PatriciaV

Employee

@5and29rfine

It depends where you entered the sale. You need to return to the same section of TurboTax in order to edit a sale you've already entered.

If you are looking under Rental Properties and Royalties >> Assets and there is no sale information reported for the main asset of your Rental Property, try Other Business Situations >> Sale of Business Property.

In most cases, you will go to Assets for the Rental Property, then Edit the main residence.
On the page "Tell Us More About This Rental Asset," you should have checked the box that it was sold and entered the date of the sale. If this isn't already entered, then you have not reported a sale for this asset.
TurboTax will present a page for the Sale Information, basically Sales Price and Sales Expenses. You can change either amount.
Continue back to the Rental Summary page to save your changes.