Can I re-add Land cost to rental property asset after accidentally removing?

Forum|Forum|1 year ago
April 3, 2025
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I have a rental property that was sold this year. I was playing around with different scenarios and was adjusting the "Cost" and "Land" values of the asset in TurboTax. One time, I set the "Land" value to 0. Now when editing the asset, I no longer have a "Land" field to add a value back in. Is there a way to add this back? I have seen posts about editing the Schedule E worksheet directly to add a Land cost back to the asset, but I'm using TurboTax Online and think I can't edit worksheets directly with that? I've found no other suggested way to re-add this value. I've tried adding an entire new asset to TurboTax for this rental property (along with all improvement assets to the property asset that have been added over the years). But I can't seem to get TurboTax to prompt me for the sale information when editing the asset. It just keeps prompting me for the same information as when I added it. Any ideas other than completely starting over? Thank you!

Best answer by DaveF1006

At this point, delete all entries and then report them again. You should be able to enter the land basis information. If you are still not given this option, separate the land basis from the residence basis and make a separate entry regarding the land portion of the sale. You would add this in the Property Sale summary.

JamesG1

In TurboTax Premium Online, follow these directions for the sale/disposal of a rental property.

Down the left side of the screen, click on Federal.
Down the left side of the screen, click on Wages & Income.
Click to the right of Rentals, Royalties and Farm.
Click to the right of Rental Properties and Royalties.
At the screen Your rentals and royalties summary, click the pencil to the right of the property sold.
At the screen Here's rental property info, scroll down to Assets, click the pencil to the right.
At the screen Your property assets, click Edit to the right of the rental property.
At the screen Tell Us More About This Rental Asset, select The items was sold, retired, stolen, destroyed, disposed of, converted to personal use....
Enter the date sold. Continue.
Continue through the screens about the disposal of the asset.

I am confused over the "Land" value issues. The cost of land for the rental property asset may be added at the screen Tell Us About This Rental Asset.

If the computation is properly computed, you will find that there will be two sale entries, one for the rental structure and one for the land the structure sits on. The rental property asset maintains a cost basis for the structure and a cost basis for the land beneath the structure.

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turbotax3Author

Thanks for the reply. I'm aware of how to enter the sale of the property and have done it in previous years for other properties.

The problem I'm running into is right after doing this step "At the screen Your property assets, click Edit to the right of the rental property."

Basically, it used to give me the option to specify/confirm the Land cost basis on this Review Information screen. But now after entering "0" once for that field, it no longer prompts me to enter it. So I am no longer able to enter a Land cost basis.

Here is basically what the screen looked like before:

And this is what the screen looks like now:

I've been able to confirm the the worksheet is currently showing a blank value for Cost of Land. But when I was able to see the form, that field was read only, and I couldn't enter anything. And nothing I've done will cause the "Land" field to re-display on that Review Information Screen.

Any ideas?

Thanks again!