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I sold a piece of rental property last year and financed the mortgage myself. In using Turbo Tax to figure my taxes and setting up this sale as an installment sale, I get an error message that "… the land portion of the sale does not qualify for the installment method. You must remove the land and enter it on a separate Asset Entry Worksheet … ." Basically it seems they want me to treat it like two separate sales with the land not qualifying as and installment sale. I can't find anything in the IRS publications that states the land portion of a sale is not eligible for treatment as an installment sale and getting support from Intuit is like getting blood from a stone. I would appreciate any input from anyone who has knowledge about this type of transaction.
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