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- How do I enter/indicate in the software that a prior year installment sale property was repossessed? Will it calculate the gain/loss associated with the repossession?
How do I enter/indicate in the software that a prior year installment sale property was repossessed? Will it calculate the gain/loss associated with the repossession?
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wjg-cpa
Level 1
04-15-2021
11:20 AM
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Real estate property sold in 2017 (installment sale).
Repossessed in 2020.
Costs of repossession include attorney fees, back taxes, repairs.
Repossessed in 2020.
Costs of repossession include attorney fees, back taxes, repairs.
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1 Comment 1
sjrcpa
Level 15
04-15-2021
12:34 PM
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You will need to calculate the gain/loss on repossession yourself.
No way to indicate the property was repossessed.
Ex-AllStar
