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We sold a rental property and we financed it. What forms do I use? We only received the down payment and monthly payments.

Ernievenegas
Level 1
I answered the questions below on Schedule E and now it looks like we received the total of the sale.
What did I do wrong?
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3 Comments 3
TaxGuyBill
Level 15

Did you 'link' the Asset Entry Worksheet to Form 6252 for an Installment Sale? And then fill out any applicable information on that 6252?

qbteachmt
Level 15

In other words, you have three events:

Sale

Funding (installment)

Earning (interest)

Are you using ProSeries?

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abctax55
Level 15

https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/california-taxes-on-a-p...

Same property as in the above thread?

And is this 'your' property or a clients?

HumanKind... Be Both