Question
Changing an installment sale - how to report on 6252
Hi all,
I have a client who has an installment sale on her return. She reported to me that it was paid in full with a balloon payment. The payment was evidently at a discount if paid in full, because the payment does not equal the amount of money still owed. I tried looking this up on my own and saw that you have to manually change the gross profit percentage and to use worksheet B, but I can't find that? How would you report this situation? I appreciate any input.
Thanks!
