Confusion seems to be the Understatement here. I can see that our Purchase of the house in 1984, & the Sale to our Original Buyer in 2012, have gotten mixed up.
We paid $15,236 for the house in 1984. Building = $10,665 Land = $4,570 70/30 Split
We sold it in 2012 for $23,500, and did a Seller Financed Loan in the amount of $20,000.
The house was returned to us in June of 2016 on a Deed in lieu of Foreclosure, with an Unpaid Balance of $14,615.
We just sold it this month for $39,000, following a $15,000 Remodel. The New Owner paid $8,300 Down and we are doing a Seller Financed Loan in the amount of $30,700 for Ten Years.
I think that covers everything.
Just trying to figure out how to handle BOTH SALES in TurboTax, and where to enter the data. Do they Blend together, or handled as Two Separate Transactions?
Thank you for any assistance and direction you may offer.
