Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 2
posted Jul 29, 2023 10:46:20 AM

Installment Sale Method on form 6252 for prior year did not carry over?

I sold my residential rental, investment property, closed on 9/1/21, attempted to do a 1031 exchange but failed and the funds were released after 180 days by the intermediary on 2/28/22.
I have long term capital gain and depreciation recapture for the relinquished property that transacted in 2021 but was able to defer to the following year, 2022, due to the funds were held and released on 2022.
I used TurboTax to file 2021 and reported the sale as Installment Sale Method on form 6252. I am now filing my 2022 taxes but I am not seeing any traces of the Capital Gain nor Depreciation Recaptures that should have been carried over. I had to manually file form 593 to declare the State failed 1031 Withholding tax but TurboTax shows I'm due a refund for both Fed and State (even refunding the 1031 Withholding from the 593) which I shouldn't be getting.
My Schedule D doesn't seem to have any information showing from 2021 form 6252. Do I need to do the 6252? or 8949?

0 4 1448
1 Best answer
Level 15
Jul 30, 2023 10:12:14 AM

Did you see your rental property on one of the following screens thereafter (see screenshot - and, sorry, I don't have the 2021 software installed to check transfer issues).

 

4 Replies
Level 15
Jul 30, 2023 9:26:17 AM

Did you try checking the box that appears in the screenshot below?

 

Level 2
Jul 30, 2023 10:05:06 AM

Yes, that was automatically checked.

screenshot

 

Level 15
Jul 30, 2023 10:12:14 AM

Did you see your rental property on one of the following screens thereafter (see screenshot - and, sorry, I don't have the 2021 software installed to check transfer issues).

 

Level 2
Jul 30, 2023 12:30:38 PM

Bingo!

 

Yes, it was listed, however, with a blank amount.  I keyed in the amount received and voila, I need to pay taxes now.  Weird but it's a happy feeling to be paying taxes 🙂

 

Thank you so much!