All Things Tax

All Things Tax

Like the title says, from the filing process and tax questions to tax policy and reform, you can search and share All Things Tax here. This is the place to find answers to all your general questions that don't fall under the other categories. And just a reminder: questions about software or online filing should be posted in DIY Products.

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Esteemed Pioneer
Posts: 11
Registered: ‎12-16-2015

Need Answer- Problem with Formula in Rentals & Royalties not carrying over to State Correctly

I am working on my North Carolina taxes. I have a rental property there and I live in another state. On the Federal Form for Rentals and Royalties there is a question regarding "AVERAGE LEASE LENGTH". It asks you whether the average lease was seven days or less. The answer to the questions has an impact on how much of a loss will actually carry though to the State form.

 

If you look at the "whole form", however, the tool is not registering any answer. It is locked and defaults to a Y (Yes) answer no matter if you choose Y or N. Of course, the answer to the question for me and most people is "no". I leased the home for a year, so the lease is not 7 days or less. But the tool is defaulting to "Y" and the formula is not calculating correctly or carrying through the correct loss number.

 

I have tried deleting the form twice, reentering everything and it still defaults to the same entry.The box on the whole form is locked so you cannot change it.

 

How do you correct this? I cannot complete the rental portion of my taxes because it's calculating wrong.