Diane,
Thank you for having responded. I'm still not clear though. Form 6252, Part I, Gross Profit and Contract Price, states: "Complete this part for all years of the installment agreement."
The fields to be completed are:
Selling Price
Mortgages
Basis
Depreciation
Expenses of Sale
Depreciation is the only field that won't let you enter a value. However, if you fill in the other 4 fields listed above but leave Depreciation blank, it calculates the gross profit percentage incorrectly, requiring you to override this field to enter a value for it and arrive at the correct gross profit percentage.
The other thing I don't understand is why Turbo Tax transfers the gross profit percentage from the previous year but not the fields listed above on which the gross profit percentage is based. I tried to complete the return by leaving the fields listed above blank, leaving just the gross profit percentage, but Turbo Tax wouldn't let me finalize the return.
Can you clarify this for me?
Thank you again for taking the time to respond.
Rich
