Question

Sale of Rental Property - edit entered data

Forum|Forum|4 years ago
February 17, 2022
1 reply
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I sold a rental property and entered the sales info; however, I need to go back and edit the land value. I cannot figure out how to get back to that portion to edit the sales data. I go to the rental section and select edit for that property; the box is checked for "I sold" but I cannot get back to the portion to edit the sales data.

Any advice or guidance is appreciated

PatriciaV

Employee

Yes, to revise the sale information you have entered, go back to your Rental Property in TurboTax Online under Federal >> Income & Expenses >> Rental Properties and Royalties (Sch E).

Scroll down to Assets and click "Edit" to the right of Sold rental Property.
Click "Edit" to the right of the house/land asset that you sold.
Continue through the interview to "Tell Us About This Rental Asset."
You may revise the Cost of Land on this page.
Continue through the interview to the Sales Information page and revise any information about sale if needed.
Continue through the interview until you're back to the Rental Property Info page.

The steps are basically the same for TurboTax CD/Download, although some pages may have different titles.

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S

samwilliAuthor

I am not using Turbo Tax Online, if that matters. When I go in and edit the property udner the asset list, it now shows the property twice.

Carl11_2

Employee

, it now shows the property twice.

On the screen where it shows the property twice, select the DELETE button next to the one you just entered. Confirm the deletion. Then click the EDIT button next to the one you need to change.