Question

Installment sale reporting

Forum|Forum|2 years ago
February 29, 2024
1 reply
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I have previously used Lacerte to prepare taxes for an S Corporation. Corporation sold a rental building in 2021 on an installment contract and I reported that using the Lacerte program. This year I am using Turbo Tax and cannot find where to enter the payment received in 2023 on that contract. Any advice would be welcome!

TurboTax Business Windows

While I am not in a Windows environment, you should be able to search for form 6252.

Here you will need to input all the information from the prior form 6252 and then enter the current year amount received.

When looking at the 2022 form 6252, make sure you add in any 2022 funds received when reflecting this on the 2023 form.

*A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.