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BON
Level 3
March 27, 2023
Solved

Installment Sale and Form 6252

  • March 27, 2023
  • 1 reply
  • 10 views

I have as client that entered into an installment sale for Vacant Land in July 2021 and I entered everything and it generated Form 6252.  Now in April of 2022 it was paid off.  Question is Where do I enter the payoff information? Client purchased vacant land in 2015 for $19000 and sold in 2021 for $48000.   Form 6252 generated for tax year 2021 = $6,546 gain

Thank You

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Best answer by abctax55

The 'payoff' as well as the principal portion of the payments prior to payoff all go on Screen 17, code 36.   5 lines down under Sections (left side)  "Prior Year Installment Sale (6252).

1 reply

abctax55
abctax55Answer
Level 15
March 27, 2023

The 'payoff' as well as the principal portion of the payments prior to payoff all go on Screen 17, code 36.   5 lines down under Sections (left side)  "Prior Year Installment Sale (6252).

HumanKind... Be Both
    B
    BONAuthor
    Level 3
    April 1, 2023

    Thank You

      abctax55
      abctax55
      Level 15
      April 2, 2023

      YVW 

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