I have had to do 4 tax returns so far this year since I try to put in all the same info on a sale of a rental property (installment sale) but if I go back to review it, it adds the interest paid to my interest income (even if I don't touch it - just review it). There is no way to edit it, so start a new tax return. Out of 4 returns so far, the gross profit is $93,423 on 2 of them, $94,082 on one, and $131,623 on the 4th one. I have entered the same info on each one. Since I got $93,423 twice, thinking of going with that but why is it coming up with so many different answers with the same data entered and why would it add additional interest to my interest income for each time I just review my answers? Is there a glitch? or can I file my taxes?
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Just to clarify the interest issue above. I was paid $4994 in mortgage interest from the buyer. It correctly added that to my interest income the first time, but each time I just "review" my answers to the sale.... not entering any additional info, it adds an additional $4994 to my interest income that I can not remove. I wondered how my interest income went over $21,000 when it should have been $7100. Why would just reviewing my answers add additional interest when it doesn't add additional principle or other items I reviewed?
The interest income you received, if entered into the installment sale section should flow to your Schedule B, however what you describe is difficult to assess. If you decide to send a diagnostic file to us, it would be helpful to know what TurboTax version you are using as well.
If you would like to send us a “diagnostic” file that has your “numbers” but not your personal information it would help. If you would like to do this, here are the instructions:
TurboTax Online:
Go to the black panel on the left side of your program and select Tax Tools.
TurboTax CD/Download:
If you like, you can send a copy of your return that will be scrubbed to eliminate your personal data by using these steps:
We will then be able to see exactly what you are seeing and we can determine what exactly is going on in your return and provide you with a resolution.
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