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?

wjg-cpa · ‎04-15-2021

Real estate property sold in 2017 (installment sale).
Repossessed in 2020.
Costs of repossession include attorney fees, back taxes, repairs.

sjrcpa · ‎04-15-2021

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.