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Federal input screens

Screen InstPY - Prior Year Installment Sale (1041)

General Information

Use this screen to enter asset information for Form 6252 for prior-year installment sales. Enter current-year installment sales on the Sale screen. If you enter current-year installment sales on this screen, they will not be reported correctly on Form 6252.
State
Enter the postal code to make the activity’s income state source. If you leave this field blank, the activity’s income isn’t state source.
Section 1250 property
Enter
X
 to calculate the unrecaptured section 1250 gain, if applicable, and use it in the tax calculation using maximum capital gains rates. Unrecaptured section 1250 gains from Forms 4797 and 6252 transfer to the Schedule D Unrecaptured Section 1250 Gain Worksheet, which calculates the total of such gains to report on Schedule D, Page 2.
Does not qualify for installment treatment
For Pennsylvania returns, enter
X
 for a unit that does not qualify for installment treatment.

Gross Profit and Contract Price

Date acquired / Date sold
If you are filing this return electronically, the IRS Publication 1438 does not accept "Various" or "Inherit" in the
Date acquired
 or
Date sold
 field. You must enter a valid date or the return will be rejected. Enter
I
 or
999998
 in the Date acquired field to designate an asset as inherited. Enter
V
 or
999999
 in the Date acquired field if the asset was acquired on various dates.
Gross sales price or insurance proceeds received
Enter the total of any money, face amount of installment obligation, and the FMV of other property received. Also include any existing mortgage or other debt the buyer assumed or took the property subject to. The amount entered must include the amount of any indebtedness assumed to properly report the installment sale.
Total current year payments received
Enter an amount in this field to print Form 6252. To print Form 6252 when there are no payments in the current year, enter
0
 (zero) in this field.

Related Party Installment Sale Information

Date of second sale
The box on Form 6252, line 29a is marked if the date in this field is more than two years after the date in the
Date sold
field and you enter an amount in the
Selling price of property sold by related party
field.

This article applies to:

  • Product: UltraTax CS
  • Return type: 1041 Fiduciary
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