Turbo Tax does not generate form 6252 when no payment in the current year. How to force the form to be attached with my filing. There's only interest received.
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The reason the form may not generating is because you do not have a payment in 2024. Based on your question it would seem your sale documents may be dated 2024, however you did not receive any payments of principal, only interest. You can try entering $1 or $5 to generate the form. An installment sale is allowed based on the following IRS rule and you must have a gain on the sale.
An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. If you realize a gain on an installment sale, you may be able to report part of your gain when you receive each payment. This method of reporting gain is called the installment method.
Lastly, if this is investment or personal use property then the installment sale is more clear. If you are selling rental property or other business property any gain attributable to depreciation must be reported in the year of sale. Only gain above those amounts can be reported on installment. IRS Publication 537 will also provide additional details.
The reason the form may not generating is because you do not have a payment in 2024. Based on your question it would seem your sale documents may be dated 2024, however you did not receive any payments of principal, only interest. You can try entering $1 or $5 to generate the form. An installment sale is allowed based on the following IRS rule and you must have a gain on the sale.
An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. If you realize a gain on an installment sale, you may be able to report part of your gain when you receive each payment. This method of reporting gain is called the installment method.
Lastly, if this is investment or personal use property then the installment sale is more clear. If you are selling rental property or other business property any gain attributable to depreciation must be reported in the year of sale. Only gain above those amounts can be reported on installment. IRS Publication 537 will also provide additional details.
Thank you. I put $1 as payment and the form is generated with my return
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