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Form 6252 Issue

dnixon
Level 2

The 6252 transfers the interest income to sch B correctly but does not transfer the capital gain to either D or 4797

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5 Replies 5
Just-Lisa-Now-
Level 15
Level 15

I saw this mentioned somewhere else as well....let me flag a mod and get this reported.

@IntuitBettyJo  are there any other reports of this?  Ive seen it mentioned more than once.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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IntuitBettyJo
Community Manager
Community Manager

Good Morning @Just-Lisa-Now- , 

Let me take a look and see what I can find.  I'll get back to you with an update asap. 

-Betty Jo 

IntuitBettyJo
Community Manager
Community Manager

Hi there, 

After reviewing this one with the ProSeries team, it appears that you are required to fill out Part I of the 6252 for all years of the installment sale. This is a change from last year. Hope this helps clear things up, as we should have our help articles updated to reflect this soon. 

-Betty Jo 

rlsgservices
Level 1

So you are talking about completing lines 5 through 18 even though the contract has been in place for 5-6 years?

 

 

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dnixon
Level 2

Yes that is what it makes you do now.  You have to look back to say 2007 when the installment sale started and pull over all that data at the top before it will calculate correctly.  The program pulls forward the % that is subject to tax but then won't work unless you re-key in all the old stuff from prior years.  It doesn't pull over all that prior data that it now says it needs.