My installment sales from form 6252 not pulling through

Forum|Forum|2 years ago
March 17, 2024
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My installment sales from form 6252 did not carryover to Schedule D in years 2020,2021,2022. Has anyone else experienced this?

DianeW777

It depends. If what you are saying is that you made all the required entries each year and the payment amounts entered did not flow to the Schedule D in the years you mention, that would be very odd. There would be no automation to Schedule D unless you actually entered the payments received in each year. At that point, TurboTax would calculate the taxable gain portion of the sale for each year.

Also, and this may or may not pertain to you, if there was any depreciation recapture from a sale of business assets, then all of that portion of the gain would have been taxed in the year of the sale. Only an excess gain would be allowed to be reported on the installment method.

Lastly, any interest income from an installment sale must be entered each year as well either in the installment section or under interest income section (not both).

How do I report an installment sale?

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pstubbsAuthor

The first scenario is exactly what happened. Payments were entered on the form 6252 and no amount was pulled through to the Scheudle D, this happened in 2020,2021 and 2022. Seems like a Trubo tax glitch in those years and I will now need to amend those 3 returns.

Thank you

Pam

DianeW777

Thank you for the update. I will add the amendment procedures and also a contact for TurboTax Customer Service, should you want to use that.

Prior-year returns, including amended returns, must be paper-filed, as e-filing is not available for them. We'll walk you through that process when you get to the File section in the software. Be sure to read all the instructions before you begin so that TurboTax knows the original numbers and the amended or changed numbers.

After installing the software, open it and follow the onscreen instructions to file your return.

Here are some other resources that might help:

@pstubbs

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