Question

Do I need to submit Form 6252 and 1099-S?

Forum|Forum|4 years ago
April 11, 2022
1 reply
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Greetings

I sold a rental property on 12/29/2020 for $45,000 on a 7 year, 5% owner finance loan.

Cost basic of the property was $24,500 purchased back in 2008.

On my 2021 taxes, I filled out Form 6252 because its an installment sale but what do I do with the 1099-S form i received from when I closed on the rental? Any assistance would be appreciated... thank you

D

DianeW777

Keep the Form 1099-S with your tax return documents. Since you already filed the installment sale with your tax return, beginning in 2020, and 2021, you have reported the appropriate payments received so far and the interest income.

Continue to report your installment sale each year until it is finished.

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