Installment Sales

Forum|Forum|4 years ago
January 14, 2022
12 replies
128 views

I sold my business last year on an installment sale. I filed my business taxes (as a last filing) using TT Business. In the process I filled out form 6252 for 51 individule assets for the first year of the installment sale. This year I have to report payments and gains for the second year of the installment sale using TT Deluxe for my 1040. I assumed I needed to do another 51 iterations for form 6252 for the second year. However TT Deluxe imposes a maximun limit of 25 entries. What do I do?

Best answer by DianeW777

So I can handle it with a single Form 6252 for the whole of the business?

Yes, if it's one sale, to one buyer, there is only one Form 6252 used in the tax return. The following links are available for your convenience.

Anonymous_

Level 15

How was this sale handled, exactly, and did you prepare a return for an entity in TurboTax Business?

drb0101Author

Level 2

I am not sure what you mean by how was it handled. I have used Turbo Tax Business for my business for over a decade. I filed my 2020 taxes indicating that 2020 would be my final filing year. The busines is gone. The 51 form 6252's were the result of disposing of all the assets of the business that was or once was on my depreciation documents for the business. As you can imagine there were multiple cases of acquisition dates and a couple different disposal. dates. So now in the second year of the installment sale I have to report the income/gains for the second year payments on my 1040. The problem is that Turbo Tax Deluxe only allows 25 entries so I have reported less than half of the paymenst so far. Am I making this too complicated? Is it as simple as treating it as one composite sale on my 1040 for the balance of the installment period?