Form 6252 require if no gain on sale of primary residence?

Forum|Forum|3 years ago
September 22, 2022
3 replies
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If there is no gain on the sale of a primary residence, must form 6252 be completed?
Am thinking no. Interest will be reported, however. Also the interest amount isn't flowing to
Schedule B. What am I not doing that I should be?!

ProSeries Professional

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Best answer by sjrcpa

I'd kill the 6252. It is only used for gains.

Enter the interest in Schedule B.

sjrcpaAnswer

Level 15

I'd kill the 6252. It is only used for gains.

Enter the interest in Schedule B.

The more I know the more I don’t know.

L

linduca1216Author

Level 6

I agree. Found a worksheet that can be used to enter Seller-Fin just under Schedule B, then Int/Div Summary. The same info that would be at the bottom of 6252 can be entered there. Borrower name, address, amount, ss#.

Now the challenge will be to get the ss# from the borrower...

Thank you!