Errors on form 6252

Forum|Forum|6 years ago
March 6, 2020
2 replies
4 views

I have a question concerning errors that I am getting on form 6252.

I sold a rental property in 2006 and, over the years, I have been receiving installment payments.

This year, Turbo Tax is giving me errors, column 5, on form 6252, is looking for "Selling price including mortgages and other debts...." and column 8 is looking for "Cost or other basis of property sold."

I have looked for the amounts in 2018 Turbo Tax returns and these fields are blank.

Part I - Gross profit and contract price, for 2019, it says to "Complete this part for all years of the installment agreement" while for the previous years it asked "complete this part for the year of sale only".

Please advise. I don't know where I can get that info.

Thank you!!!

MarilynG

Level 15

You must file Form 6252 for any year in which you received payments on the installment sale:

In the year in which the sale actually occurred, fill out Lines 1 through 4 and Parts I and II
In any other year, fill out Lines 1 through 4 and Part II

Check your dates, as it sounds like TurboTax thinks you sold the property in 2019.

You could also try Deleting Form 6252, and re-entering.

Since we can't actually see your return in this forum, click this link for instructions on How to Get a Live Review if you can't resolve your issue.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

ulisse2000Author

Level 2

RE: Errors on forms 6252

The dates are correct.

For 2019, Part I - is asking to: "Complete this part for all years of the installment agreement",. The problem is that, the sale took place in 2006, I don't have the cost basis and the sale price readily available, I would have to search for it.

I have checked the return for 2018 and for a few of the previous years, and for Part I, it only asks to "complete this part for the year of sale only". As such all the fields are all blank.

The information from the year of sale is not carried forward. It's crazy that IRS, all of the sudden, would change the form. Where does one pic up the info?

Can someone please give me an answer?

Thank you.