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Updated about 5 years ago,
Sale of owner financed rental property, recapture, interest, gain
So I sold a rental property to the tenants. The property closed in 2019 but the first installment payment will be January 1. I do my own taxes using Turbo Tax small business. Will this program be able to handle: Depreciation recapture, allocating between basis, capital gains and interest? There was a $10,000 down payment and some of the monthly payments was calculated and paid at close with the first installment due Jan 1st.
I have other capital gains of about 100k for a piece of land I sold in 2019 and also converted an IRA to a Roth so my "income" will not allow excluding the gains. This seems like a particularly complex situation I've found myself in from a tax aspect. And please don't reply with "hire a CPA" as I want to avoid that unless absolutely necessary. I've done my own taxes for over 40 years and am willing to work at it if it's doable... Thanks.