Warning, form 6252 for Installment sales on business returns is not functioning correctly since the requirement to enter sale info even after the year of sale. New this year. Problem is with the flow. Gross amount is showing on income reconciliation and it shouldn't, only current year. K-1 is correct. Been on hold 2 days in a row, over an hour, and today I got disconnected after AN HOUR AND HAD TO START OVER!! nOT A HAPPY CAMPER WITH PS
For 2019: Form 6252, Part I, Gross Profit and Contract Price. Complete this part for all years of the installment agreement.
For 2018 and prior years: Form 6252, Part I, Gross Profit and Contract Price. Complete this part for the year of sale only.
So, PS is picking up Form 6252, Part I, prior year sale info and including it as a current year sale? If so, that is a problem that PS needs to fix pronto.
So tell me Antitax Man or anyone else. Is the 2019 form 6252 wrong in Part I where it says to "Complete this part for all years of the installment agreement"? Every other year of form 6252 says "Complete this part for the year of sale only." It appears the 2019 form is an IRS typo!!
I thought I was supposed to get a Gross Profit Percentage based on Part I in the YEAR OF SALE ONLY. Then use that same GPP for all remaining years of Installment sale that I receive payments.
Unless... the IRS wants you to keep the original sale info. in Part I for all years???
Please clarify and Thank you!
The form was changed by the IRS this year and now asks you to repeat the information you gave them back in 1966 when the installment sale first started.
Now that PS fixed the error that was misplacing the info, you can complete that section and it doesn't change anything else, % profit stays the same, so I just completed it. I don't think that PS would have added this for no reason. IRS must want to have the tracking since many deals are very old.
Greetings @fu . The Infernal Revenue Service has pulled a fast one on us. Prior to 2019, you were required to enter the original sale info in the year of sale only. In 2019 you are required to enter the original sale info for each subsequent year of the installment sale contract for the life of the contract.
Now you know why you hung onto a copy of every tax return you ever filed over the past 30 years.
I know this has been mentioned n the past week, not sure if a mod was tagged or not.
Is this functioning correctly, or does some work still need to be done to this form....I know it was mentioned last week as well, maybe youre already working on getting info about it....I dug around a bit but I couldn't find the previous post.
@Maxine had a question on not being able to enter accumulated depreciation on the 6252 on a 1040. Austin was tagged but I don't believe he ever entered the arena.
See if this will take you to the discussion. Austin was tagged but never responded.
I'm going to file with the override, fingers crossed.
I filed one last night going the route I said I was going to take and it did clear this morning.
You would think that a search for either Maxine or thin mints would turn up that post 🍪