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Installment sale of Rental Property

I sold a rental property during 2023 through a land contract which is classified as an installment sale.  When filling out the general questionnaire about my rental property in the Business Rental Property area it asks if I sold the property during the year.  The help for that area says not to answer yes if it is an installment sale. 

 

When I get to the installment sale section in the "Less common income" area of Personal Income, after entering through all the sale details it asks if I reported the asset sale.  When I answer "No" it tells me to enter the asset sale and then come back.

 

So either I have answered a question incorrectly along the way which led to the program saying I needed to report the sale or there is an inconsistancy in the program.

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2 Replies
AmyC
Expert Alumni

Installment sale of Rental Property

You do need to go through the rental property. Follow these steps:

  1. In the asset area, you will need to mark that you disposed of the property.
  2. Continue , confirm prior depreciation
  3. Continue, special handling? Select No
  4. Main home, select No
  5. Enter the sales information and continue
  6. Personal residence? select yes or no
  7. Installment sale? Select Yes
  8. Continue entering information

 

 

 

 

 

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Installment sale of Rental Property

Perfect!  Thanks!

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