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wjg-cpa
Level 1
April 15, 2021
Question

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?

  • April 15, 2021
  • 1 reply
  • 3 views
Real estate property sold in 2017 (installment sale).
Repossessed in 2020.
Costs of repossession include attorney fees, back taxes, repairs.
This topic has been closed for replies.

1 reply

sjrcpa
sjrcpa
Level 15
April 15, 2021

You will need to calculate the gain/loss on repossession yourself.

No way to indicate the property was repossessed.

The more I know the more I don’t know.
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