Turbotax for Business -- beware!

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vg55
Posts: 50
Joined: Sun Jan 06, 2013 8:55 am

Turbotax for Business -- beware!

Post by vg55 »

Spent a lot of time today, trying to get Intuit to fix a software issue. Absolutely no luck.

Our LLC bought and sold a rental property within a 6 month timeframe.

bought the property for 373,750
sold the property for 382,000
depreciation: 1,052
sales expenses were 15,000

my math: LOSS 7,802

Turbo tax result: GAIN $180,732

I tried to paste the turbotax math into this post to show folks. In any event, the support person saw the issue as a software calculation issue (I AGREE), BUT the person that she escalated the issue saw this as an IRS code issue and gave me the IRS helpline phone number.

Incredible!

Any advice?
neilpilot
Posts: 3541
Joined: Fri Dec 04, 2015 1:46 pm
Location: Memphis area

Re: Turbotax for Business -- beware!

Post by neilpilot »

H&R Block
stan1
Posts: 9533
Joined: Mon Oct 08, 2007 4:35 pm

Re: Turbotax for Business -- beware!

Post by stan1 »

vg55 wrote: Sun Feb 24, 2019 4:36 pm

I tried to paste the turbotax math into this post to show folks. In any event, the support person saw the issue as a software calculation issue (I AGREE), BUT the person that she escalated the issue saw this as an IRS code issue and gave me the IRS helpline phone number.

Incredible!

Any advice?
I'd start by reviewing the relevant IRS instruction/code. No way to know who is right without doing that.
student5
Posts: 51
Joined: Wed Jan 06, 2016 8:07 pm

Re: Turbotax for Business -- beware!

Post by student5 »

As an aside, please note that TurboTax Business does NOT currently offer 1099-OID forms!
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