Business & farm

OK Thanks for your help.

No matter how many times I read through what turbotax was asking me, I kept putting in how much was the installment sale debt amount and not how much debt was assumed by the buyer, and thats what was driving my numbers through through the roof. (IE- if in my scenario, turbotax was interpreting it as  me purchasing it for $20,000, selling it for $40,000, and turbotax would ask how much debt was included in the price, but I realize now that is assumed debt and not installment loan debt- Turbotax interpeted it as I received $10,000 now AND seller assumed $30,000 in debt AND the seller was paying me $10,000 a year for 3 years...). However, in my case the seller did not assume any debt, so turbotax was interpreting that as taxable. (add some zeros to my hypothetical use case above and see how quickly that compounds) Your direction to look at the actual form flows helped to catch my error in misinterpreting what turbotax was asking me, and giving me the precise tax form numbers to look at was very helpful. Thank you for helping me catch the misunderstanding in the turbotax user flow!

Now I was able to get the actual forms to look correct without manually changing them- keeping turbotaxes automation, so when I update my final asset segregations, the forms should be right. Thanks much for helping me catch my error!