Form 6252 for 2019 requires that the sale price and basis of the installment sale be entered. In the case of a long-ago sale, this information is often not available. What is the acceptable work-around when the original 6252 cannot be obtained?
Unfortunately the amortization schedule we received in one case starts with 2014 figures, and the sale was in 2005. A further complication is that payments have not been completely regular. It would be nice if ProSeries would allow a dummy figure to be entered if the original info is not available. I have heard a workaround is to just enter $100K as the sale and an appropriate basis figure to yield the established cap gain percentage. Hmm.
We determined that entering zeroes into the selling price and basis fields results in no error flag and no change in the carried over 6252 percentage capital gain for ProSeries 2019. That is probably a more honest way of handling the situation than entering faked figures. We would also add a statement to the return indicating that those original figures are not available and substitution has been made.
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