Re: TurboTax question

Does TurboTax have a section for selling a home in installments over a period of years?

And, if so, do you list the total for original selling price plus cap improvements over those years?

posted

Where you report the sale of real estate in the program, depends on what kind of real estate you sold. Primary residence? 2nd home? Rental property? Other investment property? But regardless of where it gets reported, you will be asked by the program if it was an "installment sale". Once you indicate yes, just read and follow the screens after that.

Oh, document *EVERYTHING* and keep *EVERY* *SINGLE* SCRAP* *OF* *PAPER* related to this sale. You will need it within the next 5 years. Statistics show that 98.7% of installment sales fail with the seller having to foreclose on the buyer and repossess the property. So make sure you have your ducks lined up for the future legal action you'll probably need to take sometime within the next 5 years.