Installment sale property codes?

Forum|Forum|4 years ago
June 8, 2022
2 replies
7 views

I have a client with several installment sales. The first asset on the 6252 even though I have entered the code 3 shows up as 7. The other 3 assets are showing correctly.The return has been rejected saying I am not showing the property codes. I am guessing it is because the the code 7 showing instead of 3. Oh just to see, I changed it to 4 and it shows up on the return as 8. What the heck

ProConnect Tax

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PhoebeRoberts

Intuit Community Champion

Do you have multiple assets linked together as a bulk sale? If so, either unlink, or remove the installment sale input from the one that isn't the main asset in the link.

M

mlincolnAuthor

Level 2

No they are not grouped together as far as I can tell. This was sold in 2002 and each asset was given a separate sales price and has different gross profit percentage

PhoebeRoberts

Intuit Community Champion

I think you have the same bug as this person, then: https://proconnect.intuit.com/community/proconnect-tax-discussions/discussion/why-does-my-form-6252-line-1have-code-6-when-only-4-codes-is/01/224760#M21669

A

Anonymous

@mlincoln Following up in case this occurs again.

This happens when there is an entry in both the current year installment sale and the prior year installment sale sections. For example, if you enter in both places with code 4, it adds them up to be code 8. Or, if one was code 4 and the other was code 3, it would report as code 7.

To resolve this, either enter the prior year section or the current section.

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