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pamgiffin
New Member

We sold a home overseas. We only got a down payment in 2016 of $25,000, and carried the loan into 2017. How do we report that?

 
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IreneS
Intuit Alumni

We sold a home overseas. We only got a down payment in 2016 of $25,000, and carried the loan into 2017. How do we report that?

You can report the transaction as an installment sale.  Enter the information in TurboTax using these steps:

 

  1.  Click on Federal Taxes > Wages & Income  [If you're in TT Self-Employed:  Personal > Personal Income > I'll choose what I work on]
  2. Scroll down to the Less Common Income section and click on the Start/Revisit box next to Installment Sales.  
  3. On the Installment Sales screen click on the Yes box.  
  4. Continue through the interview, entering the requested information.

 

[Edited | 4/10/2020 |  1:03pm PDT]

 

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1 Reply
IreneS
Intuit Alumni

We sold a home overseas. We only got a down payment in 2016 of $25,000, and carried the loan into 2017. How do we report that?

You can report the transaction as an installment sale.  Enter the information in TurboTax using these steps:

 

  1.  Click on Federal Taxes > Wages & Income  [If you're in TT Self-Employed:  Personal > Personal Income > I'll choose what I work on]
  2. Scroll down to the Less Common Income section and click on the Start/Revisit box next to Installment Sales.  
  3. On the Installment Sales screen click on the Yes box.  
  4. Continue through the interview, entering the requested information.

 

[Edited | 4/10/2020 |  1:03pm PDT]

 

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