How can I review/change form 6252 - Installment sale income? I think the gross profit percentage is wrong.

[DavidD66]

To review/change your form  6252, while logged in to your account and in your return:

• Click on Federal
• Click on Income & Expenses
• Scroll down to "Installment Sales" & click on Edit
• Click on Edit next to your Installment Sale you want to Review/Edit

[milehighapa]

Your instructions do not match my current screens. I need to be able to enter the gain from a 2-year-old installment sales contract for the asset (i.e. the franchise agreement) of our company. It is the only activity for the company and sole income. Please help me prepare Form 6252.

[PattiF]

In order to access Form 6252, you would need to be using the TurboTax CD/Desktop version. This will give you access to the forms to enter prior year payments. 

Or if you are using TurboTax Online, follow these steps to produce the form:

• Go to Income and Expenses
• Scroll to Installment Sales, Start
• Enter Property Description, Continue
• Enter details of your sale
• Follow the prompts

[milehighapa]

I am using the desktop version that I purchased from COSTCO and downloaded from your website. I still can't find out how to enter an installment sales contract revenue. Please help me or direct me to someone who can.

[Cynthiad66]

Here is how to enter Installment Sale:

1. Open your return in TurboTax.
2. In the search box, search for installment sales and select Jump to installment sales.
3. Check the box next to Sales of real estate, cars, or anything else for which you receive payments over two or more tax years (installment sales). Select Continue.
4. Answer Yes to Do you want to report an installment sale?
5. Follow the instructions to enter your sale details.

An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. For example, if you sell a rental property, and the buyer agrees to pay you over a five-year period, that’s an installment sale.

You can report part of your gain when you receive each payment, rather than all of your gain in the year of the sale. This is called the installment method. You can opt out of the installment method by reporting the gain in the year of the sale. However, you must make this election by the due date of your return, including extensions. You can't use the installment method to report a loss.

Here’s how to report an installment sale in TurboTax and create a Form 6252

Link to Installment Sale InformationInstallment Sale

[milehighapa]

I really hate to sound dense, but I went to the search box and typed "installment sales" and hit Enter. All that came up were some articles about installment sales and instructions like the one you gave me. I did NOT get a Jump to installment sales option. I scrolled through several pages of results. What am I doing wrong?

[Cynthiad66]

Let's try another way:

For Installment Sales -

• Click on Federal Taxes 
• Click on Wages and Income
• Click on I'll choose what I work on
• Under Business Items
• On Sale of Business Property, click the start or update button

On the next screen check the box for installment sales

Tip:  You can opt out of the installment method by reporting the gain in the year of the sale. However, you must make this election by the due date of your return, including extensions. You can't use the installment method to report a loss.

[begS]

I am having the same issues!! Can someone "really" help us figure this out? Where and how do I enter Installment Sale Income (6252)? Where is " jump to installment sales..."- I don't see it. I'm using TurboTax Business 2021, CD purchased.