I did not flip a house. How do I go back and correct this?

[krys0886]

TurboTax is telling me I need to upgrade because I am reporting a sale of a flipped property. Except I'm not and it won't let me change anything.

[vancouverwahine]

I don't know, but I hope you get an answer because I am having the same problem.

[TurboTaxAniqua]

@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. 

[vancouverwahine]

@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.

[TurboTaxVeronique]

@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.

Thank you for choosing TurboTax.

[hadjul22]

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. 

[TurboTaxAniqua]

@hadjul22 Thanks for the update; we appreciate it! 

[vancouverwahine]

@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. 

[TurboTaxVeronique]

@vancouverwahine 

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.

Thank you for choosing TurboTax.