It seems line 18 contract price of part I is not calculated correctly. It equals to line 16 gross profit and line 19 gross profit percentage is always 100%.
How do i get line 19 right ? I try to override it, but it creates error and I cannot e-file.
Thanks for your prompt response.
I could not follow the step for prior year installment sale (6252).
My installment sale 6252 information was transferred from prior year sale in 2018. Line 18 contract price (calculated by PS) on form 6252 is equal to gross profit on line 16 (calculated by PS); therefore, my gross profit percentage is 1.0000. Why is contract price equal to gross profit ? Instead it should be the same as line 5 selling price.
Thanks in advance for your quick response.
I know what the contract price supposed to be. The transfer is correct. Just the software calculation of contract price is incorrect. If i override the contract price, it will create error. How do I e-file with that error of override ?
What software are you using? If it is not PTO, then maybe @Just-Lisa-Now- can help with PS.
Please be careful when you post. They brilliant people that designed this forum made it more difficult than preparing tax returns.