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Installment sale from previous year not using Turbotax

I used a CPA to do my taxes in 2016 and 2017.  I sold an apartment building in 2016 and another one in 2017. They both were installment sales. I would like to enter both of them in my 2018 Turbotax program for 2018 installment income. I select "Sale of Business Property" and on the next page I check both "Sales of business or rental property ..." and "Sales of real estate, cars, ...). On the next page when I enter the date in 2016 that it was sold in the  "Date sold" entry, I get the message "Date sold should be a current year for property A". If I ignore the message, continue, and finish, I get many error messages.

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2 Best answer

Accepted Solutions
Anonymous
Not applicable

Installment sale from previous year not using Turbotax

the way you're entering the IS's from prior years TT actually thinks they're current year sales.   in forms mode type 6252.   you'll need one for each sale.    after filling out general info, go to part II

 

 

complete line 19 from original 6252.  20% is entered as .2  just below   a1 and 2 must be entered  (the interest enter will automatically be included on schedule B.   complete section on 1250 gain unless all 1250 gain has already been recaptured.  

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Installment sale from previous year not using Turbotax

@Anonymous is correct; you need to prepare Form 6252 for each property and you need Forms Mode.

 

However, your profile suggests you are using an Online version of TurboTax and Online versions do not support Forms Mode. Therefore, in order to prepare your return, you will have to switch to a desktop (CD/Download) version of TurboTax.

 

See https://turbotax.intuit.com/personal-taxes/cd-download/

View solution in original post

5 Replies

Installment sale from previous year not using Turbotax

You are in the wrong place ... you did not sell the property in 2018.

 

In the search box type in Installment sales to jump to the correct screen ... then you will enter both one at a time.

 

 

Anonymous
Not applicable

Installment sale from previous year not using Turbotax

the way you're entering the IS's from prior years TT actually thinks they're current year sales.   in forms mode type 6252.   you'll need one for each sale.    after filling out general info, go to part II

 

 

complete line 19 from original 6252.  20% is entered as .2  just below   a1 and 2 must be entered  (the interest enter will automatically be included on schedule B.   complete section on 1250 gain unless all 1250 gain has already been recaptured.  

Installment sale from previous year not using Turbotax

@Anonymous is correct; you need to prepare Form 6252 for each property and you need Forms Mode.

 

However, your profile suggests you are using an Online version of TurboTax and Online versions do not support Forms Mode. Therefore, in order to prepare your return, you will have to switch to a desktop (CD/Download) version of TurboTax.

 

See https://turbotax.intuit.com/personal-taxes/cd-download/

Installment sale from previous year not using Turbotax

That solves my problem. Thank you very much.

Installment sale from previous year not using Turbotax

It turns out I have the Download version with the Forms mode.  That solves my problem. Thank you very much.

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