For many years I have (as advised by the IRS) shown interest income on my tax return and interest expense on the still existing mortgage on a home sold on land contract as sort of "wrap" mortgage.
On the 2018 turbo tax for home and business how and where do I put this and the reduction on the
balance of the loan was a capital gain NOW I CAN NOT FIND OUT HOW TO DO THIS?????
ANSWER BELOW NOT WHAT I NEED ! WHERE DO I DEDUCT THE INTEREST I PAID TO BANK?
The buyer paid me interest on the land contract BUT I paid the first mortgage holder interest !
I am not certain why the information did not transfer in to 2018 Home & Business, but you can get to the installment sale section by typing "installment sales" in the search box and clicking the Find button (see screenshot).
