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Accomacktax
Level 3
February 18, 2026
Question

FORM 6252

  • February 18, 2026
  • 2 replies
  • 16 views

I have a client who had an installment sale. The purchaser defaulted halfway through 2024, and we reported the interest and principal in 2024, which was paid to the owner.  The owner then resold the property in 2025. How do I show that new sale?

 

2 replies

IRonMaN
IRonMaN
Level 15
February 18, 2026

First you have to determine the new basis of the property.  The new basis gets calculated partially based on how much has been collected to date.  Do a Google search for determining basis of repossessed property.

Slava Ukraini!
    rbynaker
    rbynaker
    Level 13
    February 18, 2026

    Pub 537 is a good place to start.

     

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