I've brought this up before and for some reason TurboTax doesn't want to change things in the area. That said, there does seem to be a way to enter this:
Use the Sales of Business Property interview.
- On the "Any Other Property Sales?" page tick "Sales of real estate, cars or anything else for which you receive payment over two or more tax years (installment sales)
- On the "Installment Sales" page click "Yes"
- On the "Property Description" page enter "Description of Property Sold", "Date you Acquired This Property", "Date Your Sold This Property"
- On the "Sales Information" page enter "Selling Price", "Sales Expenses" and "Cost or Basis"
- On the "How Was This Item Used?" page answer "No"
- On the "Sold Stock" page answer "No"
- On the "Collectible" page answer "No"
- On the "Passive Activities" page answer "No"
- On the "Debt Assumed by Buyer" page enter the appropriate amount
- On the "Principal and Interest Received" page enter appropriate amounts
- On the "Depreciable Property" page answer "No"
- On the "Related Party Sale" page answer "No" (I assume)
This does appear to work, but I may be missing something.
No Warranty, Express or Implied, blah, blah, proceed at your own risk, blah, blah.
Tom Young
