topic Real Estate Installment Sale M-1 adjustment in Business & farm

Real Estate Installment Sale M-1 adjustment

Perth — Wed, 29 Jan 2020 16:22:35 GMT

I am filing 1065 and have a installment sale of real estate. We are showing the installment sale in our books and records as a deferred gain (liability) for the portion not received. I am sure it is a simple answer but how can I adjust the Book income related to the installed sale on M-1 Items worksheet? The worksheet automatically reflects the books as recognizing all of the gain in year one.

Re: Real Estate Installment Sale M-1 adjustment

Anonymous_ — Wed, 29 Jan 2020 16:37:12 GMT

If you look at the M-1 Worksheet there should be a Per Books column, a Per Tax Return column, and a Difference (Tax - Book) column. Those lines should all be "enterable".

Re: Real Estate Installment Sale M-1 adjustment

Perth — Wed, 29 Jan 2020 18:33:14 GMT

Thank you....I had to right click on my mouse to be able to override the amount.