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How to pay taxes on installment sales in year 1

Forum|Forum|6 years ago
March 30, 2020
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I sold a number of mobile homes on installments (no interest loans) in 2019. The typical gain on them is only a few hundred dollars. I would like to pay the tax on them now and be done with them instead of having to track and report everything for years and years and then pay a little bit of taxes on them in the last year when I get that tiny gain; Not worth the accounting and reporting headache...

How can I do this? I go to installment sale in TT and it says it can be done. But when I enter the data of each sale there never is an option to pay the tax now

TurboTax Business Windows

Best answer by mglauner

You are correct that you can enter the entire sale amount as an Investment Sale, rather than an Installment Sale.

Open (continue) your return in TurboTax.
In the search box, search for investment sales and then click the "Jump to" link in the search results.
Answer Yes to the question Did you sell any investments?
- If you land on the Here's the investment sales we have so far screen, click Add More Sales.
Continue following the onscreen instructions and we'll calculate the gain or loss from the sale.

M

mglaunerAnswer

You are correct that you can enter the entire sale amount as an Investment Sale, rather than an Installment Sale.

Open (continue) your return in TurboTax.
In the search box, search for investment sales and then click the "Jump to" link in the search results.
Answer Yes to the question Did you sell any investments?
- If you land on the Here's the investment sales we have so far screen, click Add More Sales.
Continue following the onscreen instructions and we'll calculate the gain or loss from the sale.