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Does anyone have insight on filling out Form 6252 - Installment Sale Income
I sold my business in 2009 and must fill this 6252 out by the 15th. There is a loan for 100K being paid back to me over 5 years. I get confused with Section 179 depreciation and the other depreciation. Since I can depreciate much more than I have to, it's easy to make the numbers work, but I am not sure what to put on Line 8 and 9.
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You will have to add up all the numbers for the years that you owned and claimed depreciation on the property when you filed your prior year taxes.
For example, you bought the property five years ago for $100K and since then, every year when you file your taxes you claimed depreciation on it. You will have to go back to all those 5 years and add up all those numbers and that will go into your Line 9. Though you did not claim and took advantage of depreciation, you still have to calculate what is allowed and have to enter that number. If it is a business, you will find this information on your Schedule C. Hope this helps.
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