form 6252 Line 1 property type code for primary residence sold

Forum|Forum|3 years ago
February 17, 2023
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What is the proper code to use on line 1 property type for primary residence sold in an installment sale?

DianeW777

The property type is code 2. In simple terms it refers to property that was not used in business or in a rental activity. It was used strictly for personal purposes such as a primary residence.

2. Sale by an individual of personal-use property (within the meaning of section 1275(b)(3)).

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Kimlculp

I do not have a form for 6252

PatriciaV

Employee

An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. Here’s how to report one in TurboTax:

Open or continue your return.
Navigate to the installment sales section:
- TurboTax Online/Mobile: Go to installment sales.
- TurboTax Desktop: Search for installment sales and select the Jump to link.
Check the box next to Sales of real estate, cars, or anything else for which you receive payments over two or more tax years (installment sales). Select Continue.
Answer Yes to Do you want to report an installment sale?
Follow the instructions to enter your sale details, which will add Form 6252 to your return.