Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
jimstrong
New Member

I live in Illinois and sold a vacant property I owned in Wyoming. Sold as owner financed. How do I file this?

 
1 Reply
DanielV01
Expert Alumni

I live in Illinois and sold a vacant property I owned in Wyoming. Sold as owner financed. How do I file this?

The general idea is that the sale itself is a capital transaction.  The value of the principal of the loan is considered having been received on the day of the sale.  Later, the payments you receive are tax-free, except for the portion that is interest.  So, there are two parts to this.  First, you need to report the sale.  This FAQ has instructions:

https://ttlc.intuit.com/replies/4241480

This is how to report the interest you receive (instructions from TurboTax Tonita):  https://ttlc.intuit.com/replies/5740058

One more note:  for state taxes, you are only taxed in Illinois, because Wyoming does not have a state income tax.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.46m
Members

2.57m
Discussions

Manage cookies
v