Errors on form 6252

Forum|Forum|6 years ago
March 6, 2020
11 replies
69 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"

Kevin46

Level 2

Dear MarilynG1 Employee Tax Expert, @MarilynG , I am in the same situation as the original poster, in that I have been filling out Form 6252 for over 20 years now and this year, tax year 2019, the instructions and thus requirements of the form, have changed from previous years.

I was considering purchasing the Live Review feature of TurboTax to get help with this problem, as you suggested, but I wanted to first try and find out if, after purchasing the Live Review feature of TurboTax, the person would even be able to help me with this question. Or if I should instead go into an office like H&R Block.

I am new to these TurboTax forums, so I don't know what the title of "Employee Tax Expert" means next to your name. Do you actually work for Intuit? Would you be the type of person we would get if we bought and used the Live Review feature?

The reason I ask is because you did not appear to read or research the original poster's question very carefully before posting an answer. If you go to IRS Form 6252 Past Years and download the 2018 version, you will see, as was mentioned by the original poster, that Part I states:

"Complete this part for the year of sale only."

If you then download the 2019 version, you will see that Part I now states:

"Complete this part for all years of the installment agreement."

If you are an Intuit employee or in any other way associated with them, or you are one of the CPAs/EAs that we may get when purchasing and using the Live Review feature, would you mind adding additional information to your profile or attach/include a signature value with each of your posts stating what you are.

On other people's profiles, I do see things like "CPA" and "Enrolled Agent with over 40 years of tax experience".

But on your profile, I don't see anything:

If you are just a friendly customer trying to help out another customer, I appreciate your time and effort, but again would ask that you please update your profile or include a signature value with each of your posts stating that you are not a CPA or EA and are just trying to offer friendly advice.

Thank you.