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February 18, 2021
Question

Installment Sale Error?

  • February 18, 2021
  • 1 reply
  • 0 views

Why is the listed selling price on line 5 of form 6252 $3,303,750 different from my actual selling price of $3,198,750 on line 20 of form 4797?   I don't see how to correct line 5.  Also, I did do seller financing of $198,750 but that doesn't seem to be the difference.  How can I correct the selling price on line 5 of form 6252?

P.S.  I paid a tax accountant to look at this and he said that the 2 numbers should be the same.  Is this a TurboTax bug?

    1 reply

    February 21, 2021

    Form 6252 adds the value of the land to the selling price to get the incorrect selling price.  As of 2/19/2021 this form is still being programmed by TurboTax.