Form 6252 - Installment Sale Income
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16252
Installment Sale Income
OMB No. 1545-0228
Form
1998
See separate instructions.
Attach to your tax return.
Use a separate form for each sale or other disposition of
Attachment
Department of the Treasury
79
property on the installment method.
Sequence No.
Internal Revenue Service
Name(s) shown on return
Identifying number
1
Description of property
/
/
/
/
2a
Date acquired (month, day, year)
Date sold (month, day, year)
b
Yes
No
3
Was the property sold to a related party after May 14, 1980? See instructions. If “No,” skip line 4
4
Was the property you sold to a related party a marketable security? If “Yes,” complete Part III. If “No,”
complete Part III for the year of sale and the 2 years after the year of sale
Yes
No
Part I
Gross Profit and Contract Price. Complete this part for the year of sale only.
5
5
Selling price including mortgages and other debts. Do not include interest whether stated or unstated
6
Mortgages and other debts the buyer assumed or took the property subject
6
to, but not new mortgages the buyer got from a bank or other source
7
7
Subtract line 6 from line 5
8
8
Cost or other basis of property sold
9
9
Depreciation allowed or allowable
10
10
Adjusted basis. Subtract line 9 from line 8
11
11
Commissions and other expenses of sale
12
12
Income recapture from Form 4797, Part III. See instructions
13
13
Add lines 10, 11, and 12
14
14
Subtract line 13 from line 5. If zero or less, stop here. Do not complete the rest of this form
15
If the property described on line 1 above was your main home, enter the amount of your excluded
15
gain. Otherwise, enter -0-. See instructions
16
16
Gross profit. Subtract line 15 from line 14
17
17
Subtract line 13 from line 6. If zero or less, enter -0-
18
Contract price. Add line 7 and line 17
18
Part II
Installment Sale Income. Complete this part for the year of sale and any year you receive a payment or
have certain debts you must treat as a payment on installment obligations.
19
19
Gross profit percentage. Divide line 16 by line 18. For years after the year of sale, see instructions
20
20
For year of sale only: Enter amount from line 17 above; otherwise, enter -0-
21
21
Payments received during year. See instructions. Do not include interest whether stated or unstated
22
22
Add lines 20 and 21
23
Payments received in prior years. See instructions. Do not include
23
interest whether stated or unstated
24
24
Installment sale income. Multiply line 22 by line 19
25
25
Part of line 24 that is ordinary income under recapture rules. See instructions
26
Subtract line 25 from line 24. Enter here and on Schedule D or Form 4797. See instructions
26
Part III
Related Party Installment Sale Income. Do not complete if you received the final payment this tax year.
27
Name, address, and taxpayer identifying number of related party
28
Did the related party, during this tax year, resell or dispose of the property (“second disposition”)?
Yes
No
29
If the answer to question 28 is “Yes,” complete lines 30 through 37 below unless one of the following conditions is
met. Check only the box that applies.
a
The second disposition was more than 2 years after the first disposition (other than dispositions
/
/
of marketable securities). If this box is checked, enter the date of disposition (month, day, year)
b
The first disposition was a sale or exchange of stock to the issuing corporation.
c
The second disposition was an involuntary conversion where the threat of conversion occurred after the first disposition.
d
The second disposition occurred after the death of the original seller or buyer.
e
It can be established to the satisfaction of the Internal Revenue Service that tax avoidance was not a principal purpose
for either of the dispositions. If this box is checked, attach an explanation. See instructions.
30
30
Selling price of property sold by related party
31
31
Enter contract price from line 18 for year of first sale
32
32
Enter the smaller of line 30 or line 31
33
33
Total payments received by the end of your 1998 tax year. See instructions
34
34
Subtract line 33 from line 32. If zero or less, enter -0-
35
35
Multiply line 34 by the gross profit percentage on line 19 for year of first sale
36
36
Part of line 35 that is ordinary income under recapture rules. See instructions
37
Subtract line 36 from line 35. Enter here and on Schedule D or Form 4797. See instructions
37
6252
For Paperwork Reduction Act Notice, see separate instructions.
Cat. No. 13601R
Form
(1998)
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