prior year installment sale

Forum|Forum|6 years ago
March 7, 2020
3 replies
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how do I enter a prior year installment sale on a business tax return?

Best answer by ThomasM125

I see nowhere to enter a prior year installment sale in the business software. The entity is an S-corporation. Do I need a more sophisticated product?

You can enter your installment sale income in TurboTax Business as follows:

1. Click on the "Forms" icon on the top right corner of your screen

2. Find the "Open Form" icon on the top of the "Forms in My Return" column on the left side of your screen

3. Type in "6252" in the box that says "Type a form name"

4. Choose the "Form 6252: Installment Sale Income" option from the drop down menu

5. Click on "Open Form"

6. Enter a description of the property sold

7. Complete the "Installment Sale Income" worksheet that will populate

DianeC958

Level 12

You report it by using form 6252 to report the installment sale.

What is IRS Form 6252: Installment Sale Income

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pfrancom

Level 2

Where do you access the Q&A for the prior year installment sale? Or do we have to go directly to the form and enter the data there?

MaryK4

Level 15

Under Wages& Income- Look for Less Common Income- Installment Sales.

@pfrancom

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lldlld1

Level 2

what about interest from seller financed section?

i sold a property and have income from holding a mortgage and still am responsible for a mortgage on it even though i sold it and wrapped it , what section of turbo tax should all this go??

KrisD15

Level 15

Click Federal

Wages & Income

Scroll down to Interest and Dividends and click Show more

Scroll down to "Interest from Seller-Financed Loans" and click Start

Enter the interest you received

Next click Federal

Deductions & Credits

Scroll down to "Retirement and Investments" and click Show more

Scroll down to "Investment Interest Expenses" and click Start

The interest would only be deductible on your tax return if you are itemizing.

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taxwizmdr

Level 2

First-time Turbo Tax user: I entered my prior-year installment sale income on the form and with all the year of sale info. But it is insisting this is a related party sale when I checked "No." Form has five errors. I just want Part II to show on the 6252 (plus lines 1 - 4). Please help!