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lfsaicda
Returning Member

I sold my rental in 2017 on a land contract how do i enter this

For many years I have (as advised by the IRS) shown interest income on my tax return and interest expense on the still existing mortgage on a home sold on land contract as sort of "wrap" mortgage.

On the 2018 turbo tax for home and business how and where do I put this and the reduction on the 

 

balance of the loan was a capital gain NOW I CAN NOT FIND OUT HOW TO DO THIS?????

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Carl
Level 15

I sold my rental in 2017 on a land contract how do i enter this

Your reference to "land contract" can be interpreted several ways. I am assuming this is an installment sale. If so, just work it through the Rental & Royalty Income (SCH E) section of the program and one of the screens will ask you if you sold the property on an installment sell. Indicate that you did, and then pay attention to detail as you work it through.

 

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