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Get your taxes done using TurboTax
Hi! I am in the same predicament and filed for extension so that I have time to search on how to file the return. I sold on contract in 2017 and buyer defaulted and I repossessed the investment property on Jan 2020. I filed Form 4797 for 2017 and paid Kansas State capital gain tax.
Would you share how you file form 4797. Is it consider another sale to the same buyer? Do I add the principal monthly payments without interests which were reported in past years as interest income.
‎June 5, 2021
1:54 PM