BON
Level 3
03-26-2023
09:09 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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
Best Answer Click here
Labels
abctax55
Level 15
03-26-2023
10:17 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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).
HumanKind... Be Both
