Installment Sale Foreclosure 2020

[Phusen]

I recently had to foreclose on a property that was condemned within a month of taking it back.  Since that time I have had it appraised and sold the property for the appraised amount.  I believe I need to issue a 1099-A - Do I?  How do I report the loss?

[M-MTax]

Get a tax pro for this.......probably don't have to file the 1099-A though.

[Phusen]

martinmarks1919 - that is not helpful.  I am a CPA and the tax law says to issue - I am asking how to do it in Turbo Tax

[M-MTax]

I found this answer within seconds by doing a Google search. https://ttlc.intuit.com/community/tax-credits-deductions/discussion/land-contract-fell-through-and-t... and if you're a CPA what are you doing using Turbotax....not licensed for pro use.

[Phusen]

Again - Not looking to engage with someone who just wants to be a butt.....  I am not a practicing Tax Accountant - so using Turbo Tax to do a bit of a complicated action is what is giving me some troubles....

I am aware of the rules on what to report.  I am trying to find out how to get Turbo Tax to issue the 1099-A --

[Mike9241]

contact support but i don't think any version of TT will produce a 1099-A

[M-MTax]

A minute long Google search reveals that Turbotax can't prepare a 1099-A

[Phusen]

This is called a community board, so people can collaborate... I would suggest you google decent human being and collaborative 

[M-MTax]

This is a community board for basic questions and answers and not for people to have others walk them through their entire tax return. TT offers a separate service for that.

[Carl]

The turbotax program, both online and desktop can only be used to the initiate the issuance of a 1099-MISC or a W-2. That's it.

For any other tax forms that need to be issued, if you want to issue them electronically you'll need to use a professional level program such as Intuit's Lacerte' program or something in the ProConnect family.

As a reminder for others reading this thread, TurboTax is not licensed for use by a paid tax preparer in the course of operating their business or doing their job as such. It's for a self-prepared return only, as it is not possible in any version of TurboTax for the "Paid Preparer Use Only" section of the 1040 to be completed.

[Anonymous_ · Accepted solution]

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@Carl wrote:

The turbotax program, both online and desktop can only be used to the initiate the issuance of a 1099-MISC or a W-2. That's it.

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Quick Employer Forms supports 1099-MISC, 1099-NEC, 1099-INT, 1099-DIV, and W-2.

See Quick Employer Forms | Common Questions (FAQ) (intuit.com)

[Phusen]

Thanks -  - I did find the function that you mentioned.

To those who were honestly helping in the spirit of the board - Thank You.

While I am a CPA - I don't practice - the return that I am working on is mine - unfortunately; I had to take over some failed business ventures this year.  So some of the issues are a bit more challenging - Turbo Tax has always been my go to choice for a personal returns.

I have used the professional versions in the past - when I did practice and liked the functionality.  My only disappointment is how quickbooks interacts with Turbo Tax - I was hoping for an easier interface....

[Carl]

Just curious if you got the QB to TTX import working. There's a bit of a "trick" that if folks aren't aware of it, then it's just flat out impossible for TTX to import from QB. While the ability is there, Intuit is lacking in that they don't make the interface automatic. You actually have to "turn it on" so to speak.