linduca1216
Level 7

If there is no gain on the sale of a  primary residence, must form 6252 be completed?
Am thinking no.   Interest will be reported, however.   Also the interest  amount isn't flowing to 
Schedule B.   What am I not doing that I should be?!

 

 

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sjrcpa
Level 15

I'd kill the 6252. It is only used for gains.

Enter the interest in Schedule B.


Ex-AllStar

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BobKamman
Level 15

I would report the sale on Form 8949 and Schedule D, even if not otherwise required, to show that you are electing out of instalment method.  

Terry53029
Level 14
Level 14

On schedule B, quick zoom at top of form to enter seller financed interest, as you need to put payers name, SS, address, and amount

linduca1216
Level 7

I agree.  Found a worksheet that can be used to enter Seller-Fin just under Schedule B, then Int/Div Summary.   The same info that would be at the bottom of 6252 can be entered there.   Borrower name, address, amount, ss#.

Now the challenge will be to get the ss# from the borrower...

 

Thank you!

linduca1216
Level 7

Yes, thank you!

I found it in the list of forms, but clicking on it from Sched B is easier...