Sold 2nd home in 2017,bought in 2013 holding the note for 5yrs. Paid $30K & sold for $60K. Made improvements to property. How do i enter the net proceeds?

sherrycalh — Thu, 06 Jun 2019 14:50:14 GMT

You can choose to enter the sale in one year or you can c...

DianeW — Thu, 06 Jun 2019 14:50:15 GMT

You can choose to enter the sale in one year or you can choose to enter an installment sale if the overall net result is a gain. The latter allows you to report only the portion of the gain you actually received each year and the interest income. The original cost plus improvements will be the purchase price. If you used any depreciation expense be prepared with the total accumulated depreciation amount.

To enter an installment sale in TurboTax (Form 6252) follow these steps:

Select Federal > Wages & Income > Less Common Income
Select Installment Sales
Click continue and the interview will guide you from there.

To enter the entire sale in the year of sale you can use the steps below:

Federal
Select Wages & Income
Scroll to Investment Income
Select Stocks, Mutual Funds, Bonds, Other
Continue and select Second Home
Follow the screens to complete your entries

If you choose the installment method, do not enter the interest income twice. If you choose to report the sale all in one year, then record the interest income also. (Search for seller financed interest > Jump to seller financed interest)

topic You can choose to enter the sale in one year or you can c... in Deductions & credits

Sold 2nd home in 2017,bought in 2013 holding the note for 5yrs. Paid $30K & sold for $60K. Made improvements to property. How do i enter the net proceeds?

You can choose to enter the sale in one year or you can c...