r/GeneralTaxAdvice•
dubled

Repossession of land contract

This ones kinda complicated... at least to me it is.

I bought a house back in 2009 for 36,469 total cost of improvements and the house itself. (my basis?)

I sold the rental house for $50,000 and 0% interest to my ex wife per a divorce land contract.

I received $6,000 over the past two years in payments towards the house. I then paid $4,000 back to my ex wife to acquire it and own it, quit claim the house back to me.

Now I'm trying to Turbotax the shit out of all this and i'm not sure where to go. I'm looking at worksheet D and E here https://www.irs.gov/publications/p537/ar02.html I'm just unsure where the numbers go.

I understand I need to check mark "final payment received" on the installment payments but what else needs to be done? If there is more info needed let me know.

Thanks so much!

Posted Apr 15, 2016, 1:55 AM UTC

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