Our LLC sold our last rental property in 2022 as an installment sale. In 2022, we collected a few months payments and paid taxes on the interest we received and the part of the gain that we realized that year. How do I report the interest and gain that we should be taxed on this year? Since we no longer own the property, I didn't see any way to report this information. Our LLC is listed as a rental LLC. Thanks in advance for any help!
JillF
You're probably going to have to use Forms Mode and enter your data on Form 6252.
Don't jump to the forms mode right away ... if you transfer in the 2022 info into the 2023 program and follow the interview it should bring the ongoing installment form automatically.
@Critter-3 wrote:
Don't jump to the forms mode right away ... if you transfer in the 2022 info into the 2023 program and follow the interview it should bring the ongoing installment form automatically.
I don't know whether that would happen with TurboTax Business, @Critter-3, as it certainly would with the personal products. Of course, it's worth a shot.
I tried that, and it did not work. It seems that going into forms mode does work. It pulls in the information from last year as well, so there is little input. Thanks to both of you!
Much of the 2023 program is not yet fully functional ... the 6252 will not be ready until mid January ... see the chart here : https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotaxbusiness_fed_windows_selector.html
Note that if you make direct form entries in the FORMS mode can void the accuracy guarantee and may keep you from efiling the return. Always make entries in the interview mode when possible.
Unfortunately, TurboTax Business is barebones with respect to certain functionality and forms; Form 6252 is one of them.
Provided there are no lines highlighted in red, the calculations should work properly, and the error check should not throw any flags. There is simply no way to enter an installment sale in interview mode with TurboTax Business.