Installment sale form 6252 - Proseries Basic

Forum|Forum|6 years ago
July 8, 2020
2 replies
37 views

It seems line 18 contract price of part I is not calculated correctly. It equals to line 16 gross profit and line 19 gross profit percentage is always 100%.

How do i get line 19 right ? I try to override it, but it creates error and I cannot e-file.

Thanks for your prompt response.

ProConnect Tax Online

This topic has been closed for replies.

George4Tacks

Level 15

Did you follow all the steps for Prior Installment sale? https://proconnect.intuit.com/community/individual/help/entering-a-prior-or-current-year-installment-sale-form-6252/00/3313

Answers are easy. Questions are hard!

C

ChiHoangAuthor

Level 6

I could not follow the step for prior year installment sale (6252).

My installment sale 6252 information was transferred from prior year sale in 2018. Line 18 contract price (calculated by PS) on form 6252 is equal to gross profit on line 16 (calculated by PS); therefore, my gross profit percentage is 1.0000. Why is contract price equal to gross profit ? Instead it should be the same as line 5 selling price.

Thanks in advance for your quick response.

George4Tacks

Level 15

You are saying some of the numbers did not transfer properly. Correct them. Contract price is essentially the original sales price - find out what that was or back into a number that makes the percentage work out properly. Ask the client how much is still owed on the contract and do some heavy duty math stuff.

Answers are easy. Questions are hard!

George4Tacks

Level 15

What software are you using? If it is not PTO, then maybe @Just-Lisa-Now- can help with PS.

Please be careful when you post. They brilliant people that designed this forum made it more difficult than preparing tax returns.

Answers are easy. Questions are hard!

C

ChiHoangAuthor

Level 6

I use the desktop ProSeries Basic

Sign up

Login with SSO

Let's get you signed in

Login with SSO