Sold on 11/15/2019, last payment won't be until 11/15/2022.
I read a couple of conflicting posts about this. Just making sure I understood correctly, do I put YES on any of these sections?
A) During the rental section where it asks if this was sold in 2019.
B) During the asset depreciation where it says "The item was sold, retired, stolen, destroyed, disposed of, converted to personal use, traded in, or given away (or it's no longer being used in this business for some other reason)"
Or do I put No for all these questions coz I remember reading on I think the page where A) is on about if it's on an installment sale, then it won't be considered sold until the final year & not to enter it in this section. So everything regarding the sale is to be entered into the Installment Sale section and for Sale of Business Property whatever section or and not anywhere else in the Rental interview section, right?
Unless the part where it says "not to enter it in this section" didn't mean the whole Rental section but just meant in the A) page/section but still mark it as sold later in the B) section... therefore would it be
No in A) Section, then Yes for the B) section and not enter in anything on the page for: "Sales Information - Enter the following information about the sale of this asset. You must divide, allocate the sales price and expenses between the land and the asset (improvement) based on their fair market values." coz it's not 2022?
For the Sale of Business Property section, do I checkmark off both A) Sales of business or rental property that you haven't reported and B) Sales of real estate, cars, or anything else for which you receive payments over 2 or more tax years? Or do I checkmark just B) coz I'm finally on the page that I can report it?
