Screen MAInstPY - Massachusetts Prior Year Installment Sale (1040)

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Overview

Use this screen to complete federal Form 6252 with Massachusetts amounts. It is important to report any state-related law differences and details in this screen.

General Information

Installment sale type: Excess Farm Loss asset
Mark this field to include this prior year installment sale in the calculation of the Excess Farm Loss Worksheet. When marked and the treatment code is 1, 2, or 3 the gain from the installment sales will go to Excess Farm Loss Worksheet, line 13 - Gain/loss from the sale of farming business property reported on Form 4797.
note
This field is only available on the InstPY screen located in the Personal Sale folder. The InstPY screen is available in the Personal Sale folder to enter in Installment Sales from past activities that were disposed. If the farming activity that received the applicable subsidies is an ongoing activity, the prior year installment sale should be entered in that activities folder. When an activity that received the applicable subsidies is disposed, the application proformas the installment sale to the InstPY screen in the Personal Sale folder and marks this field. Review the sale information to verify that the income is part of the excess farm loss calculation.
State use
Enter
1
to indicate that a current-year installment sale does not qualify for installment sale treatment for Massachusetts purposes. If
1
is entered, the installment sale information is disregarded and the entire gain / loss transfers to the return.

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