I don't know, but I hope you get an answer because I am having the same problem.
@krys0886 If you are already in an upgraded version, you won't be able to downgrade in TurboTax. We advise beginning a fresh return with no imports.
@TurboTaxAniqua
I am not using an upgraded version, but I keep getting these messages that I can't get rid of. How do I skip this step? I sold a house but did not flip it.
@vancouverwahine Can you please verify these information
From 2024 tax return (left menu), click Tax Profile // Your tax profile
3rd page - What about these home- or property-related credits? - did you select I sold my home
Under Income // click Principal residence // on Sale of your Principal Residence
page, make sur you answer all questions
In page Designation of a property as a Principal Residence, make sure you answered properly both questions
Click Income // Residential property flipping // at question For any property (or right to acquire a property) you sold, did you own it for less than 365 days before selling it? - answer NO if you owned it more than 365 days // continue
It will stay under your Income section, but it will stay empty, because you did not flip you only sold your Principal Residence. Both are related because for flipping, it needs to be your principal residence.
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I hope you got your answer. I had the exact same thing happen. I called TurboTax and after finding someone that knew what to do I was able to correct it. They emailed me a code to put in the upgrade and opened it. With their help, the error was corrected and I was able to file it at no extra cost. DON’T upgrade without a code from a helper on TurboTax.
@TurboTaxVeronique Thank you for the reply, but I'm still struggling!
I don't see "Your tax profile" under "2024 tax return" in the left menu. I was able to find the "Sale of your Principle Residence" page. It is filled out, but maybe I've filled out something incorrectly. Despite reading the help pop ups, I don't really understand what to enter for "Total proceeds of disposition" (which shows as locked and "requires an upgrade on the next page" but I can enter a number) and "Total adjusted cost base".
I cannot find the "Designation of a property as a Principal Residence" page and "Income" > "Residential property flipping" takes me to the upgrade page again.
Proceeds of disposition - definition: Usually the amount you received or will receive for your property. In most cases, it refers to the sale price of the property. When you trade in a property to buy a new one, your proceeds of disposition is the amount you receive for the trade-in.
What is adjusted cost base (ACB)?: Adjusted cost base is usually the cost of a property plus any expenses to acquire it, such as commissions and legal fees. Adjustments can include items such as capital expenditures. If you’ve already included this amount in your entry for the adjusted cost base at the time of disposition, leave this field empty. Additional information can be found by visiting the CRA's section on adjusted cost base
Here some screenshots to help you with the instructions.
To enter information about your principal Residence:
For flip property:
On the page where it's asked, We need more information about the property you sold, click YES and make sure nothing is selected. If you have selected None of these apply, please uncheck answer NO and click continue.
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@TurboTaxVeronique Thank for you the reply. The problem is that when do the second step in your screenshots below (Add to your return and type flip in the search box), I get the screen requiring me to upgrade. How do I get to the third screen below without upgrading?
@vancouverwahine A private message will be sent to you. To access it, please log in to your TurboTax community account and click on the envelope icon in the top right-hand corner.
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