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Get your taxes done using TurboTax
Thank you. Yes I can access the 4797 by going into Sale of Business or Rental Property, however there is no actual entry field for 'Gain on Repossession' so I assume you are suggesting that I put in a dummy sale with net proceeds equal to the gain and purchase and sale dates such that it is a short-term gain. There is a 6252 in TurboTax but nowhere to identify a cancelled installment sale and resulting gain on repossession. I'm beginning to think no one has actually done this in TurboTax.
‎February 24, 2021
6:15 AM