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Installment sale of business in 2021with no installments received until 2022
I sold my one-half ownership of a general partnership to my business partner, effective 12/31/2021. The sale was based on monthly installments for the next few years. The first payment was not collected until mid-January 2022. Do I file a 6252, Installment Sale Income, and/or a 4197, Sale of Business Property? I tried filling out the 6252 but it seems to only ask the sales price and not how much I collected. Therefore, it wants to tax me on the full sales price.
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‎April 9, 2022
11:26 AM