Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Oct 8, 2022 9:16:53 PM

I sold real property on a land contract this year. I receive monthly payments. How do I report the monthly interest income I received during this year?

How do I get Turbo Tax to let me enter the monthly interest on Schedule B (Form 1040)?

0 2 359
2 Replies
Level 15
Oct 9, 2022 5:07:12 AM

So if you have an installment sale you report the interest and principle on the form 6252 and the interest will be carried to the Sch B automatically.  Did you fill in the 6252 yet ?  

 

Level 15
Oct 9, 2022 5:44:13 AM

If you  reported the entire capital gain or loss in a previous year (rather than reporting as an installment sale each year), there is an alternate way to enter the interest, for this year.  Enter at the 1099-INT screen, even though you didn't actually receive a form 1099-INT.

 

In TurboTax (TT), enter at:
- Federal Taxes tab (Personal in  Home & Business)

 - Wages & Income

Scroll down to:

-Interest & Dividends

  -Interest on a 1099-INT