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interactive3
March 5, 2024
Question

Sale of Business Property - Cannot delete entry

  • March 5, 2024
  • 1 reply
  • 0 views

I have done no business property sales. However TurboTax indicates negative $1.

to remedy this I followed several discussions and deleted Form 4797.

The negative $1 is still on my "income".

When I revisit the category there are no check boxes next to any of the options (even though I've selected None of the Above several times.

How do I eliminate the  $-1.00?

 

Here's the page:

      1 reply

      I
      interactive3Author
      March 5, 2024

      Ah - The state return questions include a capitol gains question -

       

      My situation - A company distributed a profit (<$10) equivalent to a small percentage of one stock. The payout happened when the company acquired the one I had shares in.

       

      If I understand correctly, the cost basis was higher when the original purchase happened so the profit was a slight loss, rounded to -$1.00.

      M
      mglauner
      March 6, 2024

      When you go to the Sale of Business Property topic, leave the top box checked and Continue.

       

      Do you show a summary page with Copy 1?  If so, you can Edit/Delete the entry.

       

      Here's more info on How to Edit Sale of Business Property.

       

       

       

      @interactive3 

       

       

      T
      taxing_the_pour
      February 19, 2025

      we have same problem.  

       

      TT premier desktop.

      Erroneously reported sale of business property.

      click on business property "update"

      screen "any other sales" click top box

      Next screen should let us delete item but instead prompts for additional property

       

      ?

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