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The Reefer Sneefer
Level 2

INSTALLMENT SALE: What is the formula for converting Gross Profit Percentage to find Cost Basis and Selling Price?

The IRS changed the rules for Installment Sale Income. We're required to fill out Part One for all the years now, my sale was so many years ago, I no longer know what the sale price and my costs are. I know the Gross Profit Percentage. What's the formula to convert that back?

 

This thread explains more detail of the problem: 

https://ttlc.intuit.com/community/taxes/discussion/re-errors-on-form-6252/01/1342326/highlight/true#...

 

@RobertG

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‎May 13, 2021 8:48 PM
last updated ‎May 13, 2021 8:48 PM
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The Reefer Sneefer
Level 2

INSTALLMENT SALE: What is the formula for converting Gross Profit Percentage to find Cost Basis and Selling Price?

Resolved: TurboTax calculated the principle so I reported it as a long term capital gain. 

‎May 14, 2021 11:05 PM
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