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Hello and thank you for using Just Answer,I figured it would that is why I advised about what to look for. Let me check and see if TurboTax offers any insight into theri progarm when this happens.
One sec, please
You can try to enter through the Forms (not sure about your version but look at the top of the csreen and see if you can enter the actual forms that way).
Then you would be able to edit and override the amount.
I could. But there has to be a reason that it is allocating the entire loss after depreciation as a business loss / giving me the write-off. I mean this is fundamentaly incorrect
It is giving you the total loss because the program is not aware that you used the property for personal use.
So what if I let the business portion of the loss go and report it as a personal sale. Do you see an issue with that?
You must report the rental income you had in 2012. Disposition of the property is also required. Of course on a loss you would not be gaining a tax advantage but you would be fore going your loss on the sale.
I'll report the profit and loss on sch e. I'll than dispose of the property as a personal property or on sch d. I have stock gains on d and I'll get an offset on account of the property. I could live with that. Do you see a problem with that?
Not in any way that would mean you would owe the IRS. I can not just say no because I am aware that you have at least a small portion of loss that you are entitled to. I looked all through TT and could not find any reference on navigation that they posted for overriding.
In essence the IRS will benefit from this approach
I'll try to work with the software again and will use this a s a plan B
I wish I were a TT expert but I do not use the program.
Thank you again!
You are welcome