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Alabama Form 6252: What You Should Know
Since installment sale income is taxable, you'll need to calculate what the property's assessed value is, and then report the income on the form. The three parts of an installment sale payments are the cash transaction payment for each of your sales in the previous year, the first installment payment from the installment sale payment in the previous year, and the installment payments from each previous installment sale. Once you have figured out what the assessed value of the property is, you'll need to report your installment sale income on a form called an installment sale income statement (I-EIT), available at any real estate tax office. If you have more than one installment sale on your property, report each installment sale separately. You'll have to attach Form 6252 and Form 40ES as attachments to your I-EIT. For more information on reporting installment sale income and its consequences, see Publication 590, Tax Withholding and Estimated Tax. Form 8283 — Noncash Contributions If you made noncash contributions to a retirement, profit sharing, or other plan in excess of the contribution allowed in a tax year, you'll need to prepare a Form 8283, Noncash Contributions for Individual Retirement Arrangements (Form 4038), and attach it to your Form 6252. You'll use this form to report noncash contributions you made to a plan. Contributions from a spouse, dependent, or individual (other than a married individual filing a separate return) who did not have a tax return filed for the year that includes the tax year in which the contributions are paid must be reported on the Form 8283. Form 8283, Noncash Contributions for Individual Retirement Arrangements Paying Cash Payments If you pay interest on a loan you made, including for a loan secured by property, you'll have to add on interest to the cash payment, and calculate the interest and any penalties and interest amounts. For more information, see Interest and Penalties on Cash Payments. For loans to the government, use Form 8283, Interest and Penalties on Cash Payments to the Treasury, and for loans to businesses, use Form 8283, Interest and Penalties on Cash Payments to the Treasury for Businesses. Cash Purchase Taxes The IRS collects sales taxes from most of the transactions occurring in your marketplace.
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