Question

Hello..I'm preparing an amended return. I'd like to change to Cost of Property in Sales of Business or Rental Property. How do I do that, please?

Forum|Forum|5 years ago
April 14, 2021
1 reply
0 views

I'm not able to access the original entry.

TurboTax Self Employed Online

The instructions may be differ depending on what version of TurboTax you are using. You did not specify whether you are using TurboTax Online or CD\Download and what version (Premier, Self-Employed or Home & Business)

On the amended menu scroll down to "I need to change (amend) my return for a different reason"
Select Business Income and Expenses
Scroll down to Other Business Situations
Select Sale of Business Property
Continue to Sales of Business or Rental Property
Edit and adjust the cost basis

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A

aroblin1959Author

Thank you for getting back to me.

I'm using TurboTax online. I don't see these steps.

I see the screen titled, "Here's the info for your amended federal return."

When I select "Sale of Business Property," the "Edit," it takes me to "Any Other Property Sales?"

I haven't been able to navigate to the sale I'm trying to edit.

D

DianeW777

If you sold assets under your rental activity you will find the information you seek there. You may have followed this path to show you did dispose of the property by telling TurboTax how and when it was disposed of. Follow the instructions below after you started the proper amendment procedures.

How to amend (change or correct) a return already filed (and accepted at the IRS)
- Review the information here to be sure you need to amend your return.
Steps to amend my 2020 return

To make the changes in the sale of your asset(s):

Click on Income & Expenses
Under Your income and expenses, scroll down to
Rental properties and royalties, click Edit/Add
Do you want to review your rental?, click Yes
Under Rent and Royalty Summary, click Edit
Click Update to the right of Assets/Depreciation.
Do you want to go directly to your asset summary?, click Yes and Continue
Click Edit to the right of each asset to be disposed
Go through several screens until you get to Tell Us More About This Rental Asset
Click on This item was sold……. And continue to answer the questions