topic Re: Help in Get your taxes done using TurboTax

Help

heatherjoey — Wed, 26 Feb 2020 18:47:18 GMT

it will not tell me what I am doing wrong

Re: Help

JamesG1 — Wed, 26 Feb 2020 19:10:53 GMT

Do you have a specific question that we can help you with?

Perhaps the Line by Line Review, the Live Review or the Offline Review would be helpful?

This explains Line by Line Review.

This explains Live Tax Advice which is available for an additional cost.

Re: Help

stevemears — Wed, 26 Feb 2020 21:36:27 GMT

I sold a commercial real estate building 1/1/2019. The buyers assumed the mortgage, and agreed to an installment loan for the remainder. How do I get this information into my tax return? Turbo tax will not allow me to create an installment loan (form 6252) for this transaction. The installment loan is for 7 years.

Re: Help

ThomasM125 — Wed, 26 Feb 2020 22:01:39 GMT

If you have the property entered for rent in TurboTax, then go to that entry and pull up the building in the assets summary, and edit the asset. You will come to a screen that says "Tell us more about this Rental Asset", for which one of the choices is "The item was sold", so check that box.

Later in the routine, you will be asked for the sale information and whether you want to report the sale using the installment method. Say "Yes" to that question and you will be able to enter the pertinent installment sale information.

Otherwise, enter the sale in the "Installment Sales" section, that you will find under "Income and Expenses" and then "Less Common Income."