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Gain on Repossession
There are other threads that cover this topic but I cannot figure out how to actually report the gain on repossession of real estate after a cancelled installment sale. The original sale was reported on both the Form 6252 and 4797 (fed from the 6252). There is nowhere in the TurboTax installment sale section (that I can find) to report that the installment sale was cancelled. It does not generate a form 4797 when I report no income on the installment sale for 2020 so I can't go into the 4797 and override it. I filled out the IRS worksheets to calculate the taxable gain and basis of repossessed real property, I just can't figure out where or how to report the gain in TurboTax.
‎February 23, 2021
1:14 PM