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I sold a rental property in 2010 on a thirty year contract , the buyer defaulted on the contract in January of 2016 with a balance of 97,000 dollars on a 118,000 contract

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June 1, 2019
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TurboTax Deluxe Windows

Best answer by view2

When you repossess your property after making an installment sale, you must figure the following amounts.

1.Your gain (or loss) on the repossession.

2.Your basis in the repossessed property.

Link to IRS guide and worksheets.

Repossession and Mandatory rules.

http://www.irs.gov/publications/p537/ar02.html#en_US_2016_publink1000221751

view2Answer

Employee

When you repossess your property after making an installment sale, you must figure the following amounts.

1.Your gain (or loss) on the repossession.

2.Your basis in the repossessed property.

Link to IRS guide and worksheets.

Repossession and Mandatory rules.

http://www.irs.gov/publications/p537/ar02.html#en_US_2016_publink1000221751

I have calculated the taxable gain on repossession of real property. 1) How do I enter that gain into TurboTax? I have read that this amount is supposed to be reported on the form used to report the sale. In this case, the installment sale profits are reported on Schedule D, line 4. These amount are actually fed from the Form 6252. What line do I use to report the gain on repossession? Do I enter on another form to feed to Schedule D? 2) Do I have to enter anything into Form 6252 to "close" the installment sale history?

I have the same problem, if you solved it can you share how you file forms for this