How to report a partial disposition of an asset as an Installment sale in ProConnect

[careychaputtax-g]

My client has 2 separate tax lots which have been reported as 1 asset in Depreciation since 2015. Both are Commercial Rentals and 1 tax lot is being sold. It seems that entering each separately first would be best. Would using the property tax values be a good practice to determine the value % of each lot?

Then it seems that I can determine the Capital gain and the profit %, if they choose to use the Installment method for part of the Selling price. My concern is trying to keep the tax client from going to a much higher tax bracket when figuring the depreciation recapture. I don't see how to enter the Installment amounts once I determine the separate values, and calculated the profit %.

How do I generate form 6252?

Any guidance is appreciated!

[George4Tacks · Accepted solution]

You should split the two assets into separate entries. Be sure to allocate the asset value and prior depreciation based upon the original asset value ratios. For the asset being sold enter a date of sale ONLY. Do not enter sales price. Use the depreciation schedule to enter the 6252 using this guide https://proconnect.intuit.com/support/en-us/help-article/federal-taxes/enter-prior-current-year-inst...

[careychaputtax-g]

Thank you George! I appreciate both your guidance and the link. This solved my concerns.