I have a client who has a small parcel of land that he wants to sell and basically carry the buyer. Do I fill out the installment sale form 6252? The buyer will pay interest and then there will be a balloon payment at the end of the term. Thanks!
Yes fill out the applicable worksheet for the installment sale. ProSeries does an excellent job on this. Each future year you will enter the principal payments received and the interest payments received and it'll calculate the gain on the principal and of course the interest is all taxable. Just my opinion
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