I sold a piece of Land in 2022 as an installment sale. In 2023, the interest is required to be reported on Schedule B. Turbo Tax will not let me continue without a valid SSN. I do not have the SSN and since it is not the buyers primary residence it is not required for this form. What am I doing wrong? Is there another form that I can use or check box that will allow me to proceed.
Thanks!
As an update the issue is that it is automatically creating a Seller-Finance Interest Statement that is only required if the sale is for a property used as a primary residence based on the installment sale. When this is not the case.
You may have answered "yes" to this question by mistake, where it asks if you received a mortgage payment. You will see it when you are entering in your installment sale entries:
If you did, you will be asked to enter the buyer's social security number. If so, you may need to delete your installment sale entry and re-enter it.
Thanks I just double checked this and it is not checked. So I am not sure what to do next.
I need your help. I would like to take a deeper look at this. However, I need a diagnostic file which is a copy of your tax return that has all of your personal information removed. You can send one to me by following the directions below and be sure to @AmyC in your answer to notify me.
TurboTax Online:
Sign into your online account.
Locate the Tax Tools on the left-hand side of the screen.
A drop-down will appear. Select Tools
On the pop-up screen, click on “Share my file with agent.”
This will generate a message that a diagnostic file gets sanitized and transmitted to us.
Please provide the Token Number that was generated in the response.
TurboTax Desktop/Download Versions:
Open your return.
Click the Online tab in the black bar across the top of TurboTax and select “Send Tax File to Agent”
This will generate a message that a diagnostic copy will be created. Click on OK and the tax file will be sanitized and transmitted to us.
Please provide the Token Number that was generated in the response.
Help! I can't get to it. I need a 7 digit token number. Would you please try again?
@AmyC. Hi! Thank you for looking into this. Were you able to figure anything out?
Thanks so much!
Karyn
Yes, installment sale is what you need rather than the seller financed to get to sch B. In looking at the sanitized return, you entered the interest income on the screen, Enter Seller-Financed Interest You Received, which you shouldn't have done. The note on that screen says to enter it in the installment sales section. If you add the interest in the Installment Sales section, there's no error and no need for the SSN.