Installment sale of real estate
I want to enter an installment sale of real estate. I presently own the interest and will sell it in a few years. In the meantime, I receive rental income. Once I sell it, I will receive installment payment of principal and interest for seven years.
I entered the capital gain portion of the principal payments, separately the return of basis portion of principal payments and the interest portion in Special Receipts, each having the applicable tax attribute.
So I want to enter a future sales price of zero for the real estate, but can't seem to do that in the program.
In effect I'm showing the income from the note plus the sale at some price that the program is calculating. I've tried various ways to force the selling price to zero with no success.
The only way I seem to get no "income" from the selling price is to set the current market value and basis equal to zero.