Completing Form 6252 in an 1120S

I wasn't as clear as I should have been. I get an error when I try to link an asset sale that has depreciation recapture to F 6252. PS doesn't allow the link to be deleted and the only way to  correct it is to delete F 6252, which may have other items reported 

Most of the assets took bonus depreciation or sec. 179. So, do I not link those assets to F 6252? There are over 200 assets. It may be that only goodwill and sec. 197 assets may be the only ones reported on F 6252.

For those assets, do I create asset entry worksheets for goodwill and sec. 197 assets and link them to F 6252? Or, do I manually enter those assets on F 6252?

Thank you.

Hi ​@david3 great to see you in the Community and thanks for posting about completing Form 6252 in an 1120-S for ProSeries. We have this Support article that might help: 

Common questions about Form 6252 in ProSeries

If you need further assistance ProSeries Support would be able to help with the error or generating the form. 

Hi Kathi. I appreciate your help. I was able to get rid of the error by deleting the F6252. I have successfully linked 2 (out of almost 200 assets sold) qualified assets to F 6252.

I saw the FAQs but they don’t explain how to add self-created goodwill, customer list, workforce in place, and other sec. 197 assets sold in the APA to F 6252.

I thought there would be an article that explains how to do this. If anyone else knows how to add these additional assets to F 6252, please let me know.

Thank you.

Thank you, Kathi.

This problem began when I needed to dispose of around 200 fixed assets in an asset sale agreement that included an installment agreement. I have been using FAM for years, thinking it was better for handling huge amounts of assets for large manufacturing companies. I had no idea FAM doesn’t handle installment sales. Please ask the programmers to include installment sale treatment in FAM.

Thank you.