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D
DBnr
Level 3
April 9, 2020

Installment Sale Income

  • April 9, 2020
  • 1 reply
  • 5 views

Client sold her deceased husband's garage on land contract some years ago.  Land contractor purchaser has not made payments as specified under the contract, and only Interrest has been reported (not paid enough to cover principal).  Client recently sold the business outright.  How do I report? 

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    1 reply

    T
    TaxGuyBill
    Level 15
    April 9, 2020

    If no principal payments were ever made on the first sale, then you can just ignore the first sale.  Just treat the new sale as usual.

    Or do you have questions about how the 'usual' sale is reported?  If so, your first statement indicate a sale of the "garage" on "land contract", which seems to imply it was just the real estate that was sold.  But then you mentioned the recent sale was a "business".  If you have questions about how tor report the sale, you may need to clarify what EXACTLY was sold

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