Solved: Installment Sale and Form 6252

BON · ‎03-26-2023

I have as client that entered into an installment sale for Vacant Land in July 2021 and I entered everything and it generated Form 6252. Now in April of 2022 it was paid off. Question is Where do I enter the payoff information? Client purchased vacant land in 2015 for $19000 and sold in 2021 for $48000. Form 6252 generated for tax year 2021 = $6,546 gain

Thank You

abctax55 · ‎03-26-2023

The 'payoff' as well as the principal portion of the payments prior to payoff all go on Screen 17, code 36. 5 lines down under Sections (left side) "Prior Year Installment Sale (6252).

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abctax55 · ‎03-26-2023

The 'payoff' as well as the principal portion of the payments prior to payoff all go on Screen 17, code 36. 5 lines down under Sections (left side) "Prior Year Installment Sale (6252).

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"

BON · ‎04-01-2023

Thank You

abctax55 · ‎04-01-2023

YVW

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"

Installment Sale and Form 6252

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