I sold rental property in 2020. I owner-financed, and would like to report the income as installment sales.
When I get to the "Rental Properties and Royalties" section of Turbo Tax, and the question comes up - Do Any of These Situations Apply to this Property?... The "Learn More" link specifies NOT to check the "sold" box until the final year of payment, if the disposition was reported using the installment method.
But later, in the Installment Sale section, after entering Principal and Interest received, Type of Business Property, and confirming that it was Depreciable Property... I get to the question "Have you reported the sale of this asset in your business or rental activity?" When I answer "No" (because I was instructed NOT to check "sold" until the final year), I get the message telling me to Enter the Asset Sale and then come back.
Please help clear up this apparent contradiction.
