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Installment Sale
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Horseaddict
Level 2
yesterday
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I have a customer who sold property on installment. He and his partner purchased the property, and HE paid for all expenses to remodel. They lived in the home and decided to split up. Upon the sale of the property, they split the proceeds of the sale. When I enter the information on the 6252, he has a loss on the sale, which carried to the schedule d, with a carryforward.
Is this the proper way to report the sale? Also, then there will be not need for the form 6252 going forward, with only reporting the interest on schedule B?
Thanks for you input.
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qbteachmt
Level 15
yesterday
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Did they buy it to flip, or to live in? How long did they live in it? Were they both on the title/deed? Were they both on the mortgage?
Installment is a payment method, not a sale.
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