I bought a rental house and sold it 2 months later for a loss in the same year . The sale was on land contract (payment $0 down). How do I enter this into tt?
If the sale resulted in a loss, you cannot use the installment sale method; you have to deduct the loss in the tax year of sale. You can do so in TurboTax by starting in the Rental Properties and Royalties section of the program and note that you will need to enter information relating to the rental property itself.
Also, note that the installment contract has to provide for adequate stated interest and, if it does not, the IRS may recharacterize part of the stated principal amount of the contract as interest (even if you have a loss). Consequently, you will have to report interest income on your return.
I would recommend that you seek professional tax guidance on this matter.
Did you rent out and actually collect rent for the period of time you owned it? If not, then I seriously question if you'll report "ANYTHING" concerning this on SCH E. Instead, this would be reported in the investments section as a short term investment since you held it less than a year. *SEEK* *PROFESSIONAL* *HELP* on this yesterday, if not sooner. If your state taxes personal income then that doubles your reasons to need professional help.
If the property was either actually rented or available for rent, then it should be treated as rental property in order to report income and expenses in case of the former and allow for deductible expenses in the case of the latter.