How do I report a 50% sale of a rental property I own that I sold as an installment sale? I use Turbo Tax Premier and I can't seem to find where to report that only 50% was sold. I'm not sure that the proper information is transferring over to Form 6252...do I report only 50% of the basis and accumulated depreciation there, or do I report 100% and the 50% will be automatically calculated?
You'll need to sign in or create an account to connect with an expert.
I think you're going to have to make the computations and enter this transaction into TurboTax manually since it is an installment sale.
I see no way Turbotax can do this automatically. In addition, did you sell a 50% undivided interest in the property so there is now joint ownership? This can further complicate matters because there may now be a partnership which normally requires filing 1065 to split income and expenses. I suggest you consult a tax pro if this is your situation.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
mona-addesso
New Member
ashleighlefranc
New Member
s d l
Level 2
theDoc
New Member
bradnasis
New Member