Hello,
I have an installment sale of a commercial building that was a rental. I entered the sales price, closing cost and amount allocated to the land. My form 6252 is calculating good with current year income $859. Now form 4797 page 2 is being populated with only the building cost, prior depreciation... with gain of $29k line 24, 26c, 30 & 32. With this, the person is being taxed on the full amount, though they have not been paid. How do I fix this?
Note first year software user.
Thanks,
Windora
This discussion has been locked.
No new contributions can be made. You may start a new discussion
here
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.