Discussion:Installment Sale form 6252
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Discussion Forum Index --> Advanced Tax Questions --> Installment Sale form 6252
Discussion Forum Index --> Tax Questions --> Installment Sale form 6252
Stevebonner (talk|edits) said: | April 3, 2008 |
| If you have a business sale on an installment form 6252 and you have to repossess the business now do you write off what was uncollectable? | |
Scottycoyote (talk|edits) said: | 3 April 2008 |
| if im not mistaken, you cant sell a business on installment | |
| 3 April 2008 | |
| It becomes your new cost basis less the profit portion not yet collected. | |
RoyDaleOne (talk|edits) said: | 4 April 2008 |
| How does this coordinated with the computation of the amount of COD income? | |
| 4 April 2008 | |
| Steve, the difference between the fmv of the business and the taxpayer's tax basis in the installment obligation is a gain or loss. | |
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