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Solved

Installment Sales

Forum|Forum|4 years ago
January 14, 2022
1 reply
79 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.

Level 15

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

Level 15

what type of entity owned the business and was the business liquidated?

Mike9241

DianeW777Answer

Level 15

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.

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