Help

Forum|Forum|6 years ago
February 26, 2020
1 reply
5 views

it will not tell me what I am doing wrong

JamesG1

Level 15

Do you have a specific question that we can help you with?

Perhaps the Line by Line Review, the Live Review or the Offline Review would be helpful?

This explains Line by Line Review.

This explains Live Tax Advice which is available for an additional cost.

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

stevemears

Level 2

I sold a commercial real estate building 1/1/2019. The buyers assumed the mortgage, and agreed to an installment loan for the remainder. How do I get this information into my tax return? Turbo tax will not allow me to create an installment loan (form 6252) for this transaction. The installment loan is for 7 years.

ThomasM125

Level 15

If you have the property entered for rent in TurboTax, then go to that entry and pull up the building in the assets summary, and edit the asset. You will come to a screen that says "Tell us more about this Rental Asset", for which one of the choices is "The item was sold", so check that box.

Later in the routine, you will be asked for the sale information and whether you want to report the sale using the installment method. Say "Yes" to that question and you will be able to enter the pertinent installment sale information.

Otherwise, enter the sale in the "Installment Sales" section, that you will find under "Income and Expenses" and then "Less Common Income."

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