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Form 6252 and Form 4797

PDS
Level 2

I have entered a prior year installment loan as a disposition.  This appears on Form 6252, I believe the amount on line 26 should flow over to Form 4797 Part II line 10, but it is not.  Is there something I am missing? 

 

 

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5 Comments 5
George4Tacks
Level 15

In the little titles across the top is Sale of Asset 4797, ... The first entry has Depreciation allowed (-1=none, triggers 4797) Did you make an entry there?


Answers are easy. Questions are hard!
sjrcpa
Level 15

The ordinary income part should have all been reported in the year of sale.

The more I know, the more I don't know.
PDS
Level 2

It is an installment loan so income is received each year

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PDS
Level 2

I appreciate your response, I did try this, but it did not bring the balance over to the row I was trying to get the amount to

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sjrcpa
Level 15

"It is an installment loan so income is received each year"

I know that, but the ordinary income part of the sale was fully taxable in the year of sale.

The more I know, the more I don't know.