Installment Sale Income - IRS Form 6252

[skeltonj]

I've been trying since January with TurboTax to get Installment Sales fixed for 2020.  We sold a rental in 2015 and it has worked perfectly every year until now.  I enter the interest received and it populates the Schedule B correctly.  However, I enter the principal received an NO forms are populated....no 6252, no 4797, no schedule D, nothing on Line 7, 1040 nor any amount on my state tax return.  I use turbotax online premier.  In our investigation, we realized 6252 was not generated in 2019, but was generated in previous years.  I think this is the problem, that the database is trying to pull data off 2019 6252 and it is nowhere to be found.  But I CANNOT get anyone at TurboTax to understand that , nor fix it!!!!  I even tried to amend 2019, thinking it would generate a 6252, but the amendment didn't, so I cancelled the amendment.  Now they're trying to tell me to pay for a CPA to see if I entered everything correctly.  It's worked perfectly last 5 years!!!  I believe the database function is written to look for the 2019 6252 and it is not there, but I can't get anyone at turbotax to understand that.  And I can't get a refund!  I was wondering if we are having similar issues????

[The Reefer Sneefer]

Same thing happened to me. The rules changed so you have to fill out Part One each year now. I don't know what I sold the property for many years ago and Turbo Tax won't print out the forms or enter the principle on line 11 of Schedule D. Not sure how I fixed it last year. :(

[kab48]

why is Turbo Tax program holding up filing my tax return because of form 6252?  Turbo Tax program says form 6252 is not ready to file from IRS, but I can download form 6252 from IRS.gov?

[JamesG1]

Forms availability says that IRS form 6252 will be available on March 3, 2022.

IRS form 6252 is used to report income from an installment sale on the installment method. Generally, an installment sale is a disposition of property where at least one payment is received after the end of the tax year in which the disposition occurs. 

[Edited 02/22/2022 6:35 PST]

@kab48

[lemwhitmer]

I sold a truck in the Spring of 2021.  I I sold it for more than its book value.  It was a cash sale with just one payment.  My Turbo tax is wanting me to fill in 6252.  But the app keeps coming up with a precalculated depreciation which it says is too high.  I have gone through and reentered the sales info several times.  the error persists.

[lemwhitmer]

I keep getting an error on line 51 and showing a precalculated amount which is obviously wrong, but I can't find an entry where I can clarify the terms of my sale.

[MarilynG1]

Delete Form 6252 from your return.  

If you sold a Business Vehicle, Edit the Business (or Rental if that applies) and Edit the Asset (Vehicle) to report the sale.

You need to determine the Current Basis of the Vehicle in order to see if you have a gain/loss on the sale.  This would be the original price, minus depreciation taken (times business use %).

For example, if you paid 20K for a Business Vehicle you used 80% of the time for business, the Business Cost Basis to start with is 16K (80% of 20K).  Then deduct the amount of depreciation taken (lets' say it amounts to 5K), then the Cost Basis for figuring Gain/Loss is 11K.  

If you claimed the Standard Mileage Deduction for business use, you need to use this table to calculate your depreciation.  If you used Actual Expenses each year, TurboTax fills in the depreciation amount for you. 

@lemwhitmer