When completing my IT-2663 (in April 2023) for a residential rental property I sold...I checked that the transaction would be an installment method. Doing my taxes it seems I have enough capital gains loss to cover the gain so I thought it is better to just claim the entire gain.
1. Should I ? Is there something I should be aware of.
2. Can I? since I indicated on the form it would be an installment sale
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Yes, you can change your mind and choose to report the full gain in the year of sale. All gain would be included in the year of sale for any part of depreciation that was used, no special installment sale treatment for that portion of the gain. Also, if you see that it works out well now, then I would not consider the installment sale.
If you need to delete a form you can use the link below based on your version of TurboTax.
You'll need to delete this form --------------------.
Yes, you can change your mind and choose to report the full gain in the year of sale. All gain would be included in the year of sale for any part of depreciation that was used, no special installment sale treatment for that portion of the gain. Also, if you see that it works out well now, then I would not consider the installment sale.
If you need to delete a form you can use the link below based on your version of TurboTax.
You'll need to delete this form --------------------.
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