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curt504
Level 3

TT business-2020 installment sale

Hi,  I use TT business side by side with TT home+business.   And have had rentals as Sched E in 1040 via TT home + business  VS now TT Business and a 1065 rentals in "real estate" section.    It seems that TT home+business and Sched E is more refined.    The TT business 1065 - real estate is clunkier and install ment sale is very weak and leaves me hanging with how to enter my recieved principal and interest for an installment sale(s) early in 2020??

 

Q:  TT business 2020;  I entered in the real estate section, dispose of property, said yes to installment sale;  TT said:  we will ask questions "later". 

 

I have poked around and can't find where "later" is accesed?   Under TT business "income" I can't find any show of those sales I entered under Real Estate dispositoin.

TT is just not very helpful in common situations that I'm paying TT to help me with...  ;(

 

How do I enter my interest and principal received for an installment sale in the year of sale?

tnx

3 Replies
tagteam
Level 15

TT business-2020 installment sale

Your experience is, frankly, not unusual for TurboTax Business; the program only handles very basic scenarios. 

 

The more complex situations either need to be completed in Forms Mode or cannot be completed at all.

 

In you case, you might have missed a screen that would have, at least, resulted in the completion of Form 6252.

 

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You are then going to enter the interest received in the Income section of the program.

curt504
Level 3

TT business-2020 installment sale

Thanks, that total income received didn't have good tool-tip description of what goes there.  Tnx!

Similarily I had an installment sale in 2019, so that real estate asset now no longer shows up in the list off addresses.    I searched the Income section in TT business 2020 and could not find any mention of past installment sale principal and interest entry (which TT home-business 2020 for a 1040 DOES bring up entering P&I on a past installment sale).

 

BUT I searched forms and found the 6252 for this 2019 sale, found line 20-A and entered the principal received, but did not find any place to enter the interest recevied??

Guessing from your above help;   I just add up all the inteterest received, banks, installment sales, notes etc into one opaque lump sum in Income--> Interest income??   Sure wish you could create a list in a work sheet for many items in TT  business (like expenses is a fixed list of things poorly fiting a real business vs a lump)  and now interest income.  Zero doc for this year or next years what that interest lump was from...  ;(

A simple work sheet added to these fields would capture needed tax doc for records.   Recreating these lump number in future years will be imposible.

 

Or is there a better way for interest received?  IE to line item its sources?   Same for expenses when the fixed list just doesn't fit?   TT home-business 1040 Sched E does a better job of entering ad-hoc expenses etc.   

tnx to all.

tagteam
Level 15

TT business-2020 installment sale


@curt504 wrote:

Or is there a better way for interest received?  IE to line item its sources?   Same for expenses when the fixed list just doesn't fit?   TT home-business 1040 Sched E does a better job of entering ad-hoc expenses etc.   


That would likely be the best approach.

 

TurboTax Business is rather bare-bones with respect to certain transactions and this appears to be one of them

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