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February 27, 2021
Question

Hi, Upon federal review, it takes me to Form 6252 (electric panel). Not sure what this is about. Any suggestions? We have rentals, but didn't sell one this year.

  • February 27, 2021
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March 4, 2021

An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. For example, if you sell a rental property, and the buyer agrees to pay you over a five-year period, that’s an installment sale.

Taxpayers use Form 6252 to report income from an installment sale on the installment method.

 

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

If that doesn't apply to you, follow the steps to delete the form:

  1. Open or continue your return in TurboTax.
  2. In the left menu, select Tax Tools and then Tools.
  3. In the pop-up window Tool Center, choose Delete a form.
  4. Select Delete next to form 6252 in the list and follow the instructions.  

 

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