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Business & farm
No. It makes sense that TurboTax doesn't know they are the same sale. Also, the partnership and yourself should have an amortization schedule of payments with the breakdown for interest and principal for each year of the sale.
My advice is to remove the K-1, then just enter the installment sale. Keep in mind the rules for installment sales. Or if there are other income items on the K-1, just don't include the installment payment.
- What is an installment sale? (for income tax purposes)
- Form 6252 (review the required information for each year and contingent sales)
In some circumstances the selling price changes before the end of the final payment. This may not be the case with your sale.
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March 17, 2025
12:28 PM