Section 29 - Form 6252 - Installment Sale Income

Section 29 has information reported on Form 6252, Installment Sale Income.

Section 29 is not required.

Section 29 is valid for Tax Periods ending 201712 and later.

Valid fields are listed below:

Field Designator

Field Length

Title

Location on Form 6252

2901

1

Description of Property Indicator

Line 1

2902A

8

Date Acquired (YYYYMMDD)

Line 2a

2902B

8

Date Sold

Line 2b

2907

15

Subtract Line 6 from Line 5 (Net Property Selling Price)

Part I, Line 7

2919

5

Gross Profit percentage (expressed as a decimal amount) 0.0000

Part II, Line 19

2921

15

Payments received during year

Part II, Line 21

2923

15

Payments received in prior years

Part II, Line 23

Field 2901 is found on Form 6252, Line 1.

Invalid Condition - Field 2901 is invalid if:

The field is more than 1 character.

The field is other than "0" , "1" , "2" , "3" , or "4" .

The tax period is before 201712.

Correction Procedures:

Correct coding, transcription, and misplaced entries.

If the tax period is before 201712, delete the field.

If

Then

"Timeshares or residential lots" is shown on Form 6252, Line 1

Enter "1" in Field 2901.

"Sale by an individual of personal use property (within the meaning of Section 1275(b)(3)" is shown on Form 6252, Line 1

Enter "2" in Field 2901.

"Sale of any property used or produced in the trade or business of farming (within the meaning of Section 2032A(e)(4) or (5))" is shown on Form 6252, Line 1

Enter "3" in Field 2901.

"Other" is shown on Form 6252, Line 1

Enter "4" in Field 2901.

No description is given

Delete Field 2901.

Fields 2902A and 2902B are found on Form 6252, Line 2a and 2b.

Invalid Condition - Fields 2902A and 2902B are invalid if:

The field is other than 8 characters.

The field is not numeric.

The month is zero or greater than 12.

The day range does not match the number of days in the month.

The tax period is before 201712.

Correction Procedures:

Correct coding, transcription, and misplaced entries.

If the tax period is before 201712, delete the field.

Fields 2907, 2921, and 2923 are transcribed from Form 6252, Part I, Line 7, Part II, Line 21, and Part II, Line 23.

Invalid Condition - Fields 2907, 2921, and 2923 are invalid if:

The field is more than 15 characters.

The field is not numeric, positive, or entered in dollars and cents.

The tax period is before 201712.

Correction Procedures:

Correct coding, transcription, and misplaced entries.

If the tax period is before 201712, delete the field.

Field 2919 is transcribed from Form 6252, Part II, Line 19. The gross profit percentage is expressed as a decimal (0.0000).