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February 17, 2023
Question

Sold farmland on installments. The capital gains had always been taxed, but I don't see capital gains on the Income Summary. Am I missing something?

  • February 17, 2023
  • 1 reply
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I  would enter the Principal amount of the installment payment and  it would show up as Capital gains (not 2021 , though)   so I am wondering if no longer is capital gains tax in this situation.

1 reply

February 18, 2023

To access the entry screens for Form 6252, Installment Sale Income:

 

  1. Open your return in TurboTax
  2. In the search box, search for installment sales and select the Jump to link
  3. Check the box next to Sales of real estate, cars, or anything else for which you receive payments over two or more tax years (installment sales). Select Continue
  4. Answer Yes to Do you want to report an installment sale?
  5. Follow the instructions to enter your sale details. TurboTax will ask you for information from Form 6252 from the year you sold the property, and for the total principal paid to you before 2022, as well as the principal and interest received in 2022.

See here for more information from TurboTax on this topic.

 

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