Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax
This answer was rated:

You just helped me with the sale of a home that was rented

prior to a sale... I entered...
You just helped me with the sale of a home that was rented prior to a sale...
I entered the info to turbo tax and the software is allocating the entire loss to form 4797 and from there to the 1040. In other words it is taking 100% of the loss as a business loss even though the rental period is 1/1/12-10/31/12 on ly and the house was purchased back in 2008
Show More
Show Less
Ask Your Own Tax Question
Answered in 1 minute by:
7/5/2013
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,871
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified

Robin D :

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.

Robin D :

One sec, please

Customer:

ok

Robin D :

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).

Robin D :

Then you would be able to edit and override the amount.

Customer:

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

Robin D :

It is giving you the total loss because the program is not aware that you used the property for personal use.

Customer:

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?

Robin D :

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.

Customer:

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?

Robin D :

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.

Customer:

In essence the IRS will benefit from this approach

Robin D :

Yes

Customer:

I'll try to work with the software again and will use this a s a plan B

Robin D :

I wish I were a TT expert but I do not use the program.

Customer:

Thank you again!

Robin D :

You are welcome

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,871
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified
Robin D. and 87 other Tax Specialists are ready to help you
Ask your own question now
Ask Robin D. Your Own Question
Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,871
15,871 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

Robin D. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,310 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

15,871 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
I am doing my 2016 taxes through Turbo Tax Premier. I have
Hi! I am doing my 2016 taxes through Turbo Tax Premier. I have K-1s that have a Section 1231 net loss. It is my understanding and I just read on your website that the loss can offset my ordinary incom… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I am completing my personal income taxes. For this filing
I am completing my personal income taxes. For this filing year, I left my corporate career to manage my real estate full time. Therefore, the real estate is moving from a passive activity to an active… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My question is about depreciation for rental property. My
Hello. My question is about depreciation for rental property. My rental property had no income during one year. In this case, since there was no income, I do not need to claim depreciation for that sa… read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
31 satisfied customers
Form 1120, cash basis. If Taxes paid to IRS are deductible,
Form 1120, cash basis. If Taxes paid to IRS are deductible, are refunds for overpayment the equivalent of income?… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
723 satisfied customers
My turbo tax cd acts like it ids corrupted iuninstalled it
my turbo tax cd acts like it ids corrupted iuninstalled it and reinstalled butsit is can I get a replacement dtill Is acting up I needagood copy so I can prepare amended freturn/?tocorect sodmeiitemst… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,458 satisfied customers
I'm on Turbo Tax now going through the steps for filing
Barbara, I'm on Turbo Tax now going through the steps for filing Schedule E. Is my basement apartment in my single family residence considered a single family rental or a multi-family rental ? Thanks… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,458 satisfied customers
Am doing the home and business turbo tax and have entered my
hi am doing the home and business turbo tax and have entered my wife's business info/cost/expenses for her teaching business. but this year, in 21016 I started a busing ness and have expenses. how do … read more
abci168
abci168
Principal
27 satisfied customers
What is the purpose of irs form 2297. by signing this form,
what is the purpose of irs form 2297. by signing this form , am i giving up my right to my past refund? … read more
abci168
abci168
Principal
27 satisfied customers
Miss are social security benefits taxable by the irs. Are
miss Wilson are social security benefits taxable by the irs … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Can house maintenance and property taxes be deducted on form
Hello. Can house maintenance and property taxes be deducted on form 1041 for a house owned by decedent prior to the Executors selling it? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I successfully filed my 2016 return with Turbo Tax. Now the
I successfully filed my 2016 return with Turbo Tax. Now the only file references that I find are " Usaved Turbo Tax document" which does not open. Anyway I can get to this doc for use or view? … read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
How do I request my 2016 Individual Personal Income Tax form
Sir, how do I request my 2016 Individual Personal Income Tax form (form 1040) on line? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,458 satisfied customers
I didn't claim depreciation on a rental property for 8
I didn't claim depreciation on a rental property for 8 years. I'm about to sell the property. How many years of the past annual depreciation can I claim? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Determining what is considered personal property in
determining what is considered personal property in california....e.g. investment accounts, savings accounts, checking account … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,217 satisfied customers
I sold a rental property and fully depreciated furniture and
I sold a rental property and fully depreciated furniture and fixtures such as refrigerator/oven/doors etc. Would I have to recapture the FF&E depreciated amounts as ordinary income with the sale when … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,217 satisfied customers
I filed my taxes with Turbo Tax and submitted the forms with
I filed my taxes with Turbo Tax and submitted the forms with E-File on April 11. A few days later I received an e-mail saying that my file was rejected due to a Turbo Tax problem, so following instruc… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,217 satisfied customers
Taxes: If I forgot to depreciate a couple of rental incomes
Taxes: If I forgot to depreciate a couple of rental incomes some year and never filed an amendment to correct it... When I come to sell the rental income, do I still have to "claim / pay" for the "ful… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Turbo tax states t. Pic. I am trying to get to. Person for
I am trying to get to. Person for medical expenses on the turbo tax cd we purchased at office depot… read more
TaxWhisperer
TaxWhisperer
Principal
Master's Degree
24 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x