Resurrecting figures for a 6252 from 2010

[Just-Lisa-Now-]

My new client had an installment sale in July 2010, she managed to dig up the 2010 tax return..the list of forms in the front shows that they charged her for the 6252, but of course there is NONE included in the copy of the tax return!

I did find the original amortization schedule for the installment sale, but it shows that payments began in Jan 2011, do I really need her to find the 2011 return? 

Or since I have the amortization schedule and the gross profit % on the 2018 return, can I just fudge in the basis on the top of the 6252 to make it match the gross profit %..shes got the principal and interest amounts received for 2019.

[Terry53029]

I would just report the interest on schedule B worksheet "seller financed interest". I would not fill out 6252 with out having all tax returns from 2010, and a complete record of what took place. We are required to do an accurate tax return, and not guess what other preparers have done in past. (she may have been going to Liberty tax)

[TaxGuyBill · Accepted solution]

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@Just-Lisa-Now- wrote:

I have the amortization schedule and the gross profit % on the 2018 return, can I just fudge in the basis on the top of the 6252 to make it match the gross profit %..shes got the principal and interest amounts received for 2019.

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What "basis" are you referring to (Line 10?)?  With the amortization schedule and the Gross Profit %, I think you should be able to come up with the necessary information.  The other stuff like commissions and mortgages really don't matter.

Was the original property depreciated (such as a rental property)?  If so, you need to make sure all of the Unrecaptured §1250 Gain has been 'paid'.

[Just-Lisa-Now-]

 She started getting the installment payments in Jan 2011....I'm just trying to carry along with the installment sale like they did in the prior year.

So with the amortization and gross profit % I can get the correct taxable amount of gain and I can see the principal and interest received for 2019...I just wasnt sure what to fill in at the top of the 6252 now that they want all that stuff again...so as long as I can make the figures at the top produce the correct gross profit % I think Im good.

[TaxGuyBill]

Yep, I agree.  As long as the right amounts show up as taxable, that is really all that matters.