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HICA
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Sold rental property in 2015 on instalment sale. It is still showing on my Schedule E. Can I delete it, or will that mess up future receipts by deleting the basis?

 
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PatriciaV
Employee Tax Expert

Sold rental property in 2015 on instalment sale. It is still showing on my Schedule E. Can I delete it, or will that mess up future receipts by deleting the basis?

Yes, the property should remain on Schedule E until the installment sale is complete. This allows you to recognize a portion of the gain (or loss) each year, which is calculated from the property basis.

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PatriciaV
Employee Tax Expert

Sold rental property in 2015 on instalment sale. It is still showing on my Schedule E. Can I delete it, or will that mess up future receipts by deleting the basis?

Yes, the property should remain on Schedule E until the installment sale is complete. This allows you to recognize a portion of the gain (or loss) each year, which is calculated from the property basis.

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