Final payment on installment sale Form 6252

[ktrozzo]

Is there anything additional that I need to enter or checkmark on Form 6252 or Form 4797 to finalize an installment sale?  Thus far, I have entered the Total principal payments and Interest payments on Form 6252 in Proseries.

[IRonMaN]

Nope

[ktrozzo]

how do i finalize the sale of the asset? Do I have to enter the sale date somewhere?

[IRonMaN]

The asset was sold the date that the installment sale began.  The taxpayer has just been acting as a bank since that date.

[ktrozzo]

How does the program recapture prior depreciation in this process? It was a rental on Schedule E for prior years

[IRonMaN]

That all should have been factored into the first year of the installment sale

[taxiowa]

If you have a little magic marker, then check Box G in the first smart sheet section of the 6252.  But then you have to wash your screen so just use an x there.