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Changes to 2007 Form

Updates to 2007 Form 3805E – Installment Sale Income

The revised Internet version is available for download as of 02/28/2008.

Revision Details: To correct the line references. Currently taxpayers would underreport their additional interest amount, thus lowering their tax liability.

  • This update is located on Form 3805E, Page 2, first column – how to report interest and on Page 563 of the Package X.

Previously read:

Individuals should include the amount on Form 540, line 36 or Long Form 540NR, line 45.

Revised to:

Individuals should include the amount on Form 540, line 33 or Long Form 540NR, line 41.

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