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Form 6252 Illinois: What You Should Know

Chapter 1: Installment Sales For installment sales between related parties, Form 6252 must be included with the seller's return for the year of sale and the two subsequent years. Each year, Installation Sales — Illinois Use the installment method or the installment method with a gain to report sales of property to residents of the state of Illinois, if the state has collected its share of the sales tax. The law requires sales to be reported by January 31.  Installment Sales — Illinois You must use the installment method or the installment method with a gain to report sales of property to residents of the state of Illinois, if the state has collected its share of the sales tax. The law requires sales to be reported by January 31. Chapter 2: Real Estate Sales and Dispositions The following section explains when you must file Form 6252 and the required time period from sale to disallowance or final judgment to be included with your federal income tax return. When there is a final judgment, all sales must be reported by January 31. You should receive a Form 6252 from the Illinois Department of Revenue within 5 days of the date of the sale. For purchases and sales made through a sales agent, or for real estate purchases that are to be reported within 3 months after the date of the sale or 3 months after the last day of the 3 months,  For purchases and sales made through a sales agent, or for real estate purchases that are to be reported within 3 months after the date of the sale or 3 months after the last day of the 3 months, you must file by February 1. For sales made by telephone, or that exceed 2,000 in value, but less than 10,000 in value or for property that is sold more than twice per year,  Use Form 6252 to report income from real estate transactions by completing its Schedule F. For sales of tangible personal property, the proceeds of sales are treated as installment sales (or sales on a gain basis).  Real Estate Sales and Dispositions — Illinois Use the installment method or the installment method with a gain to report sales of property to residents of the state of Illinois, if the state has collected its share of the sales tax. The law requires sales to be reported by January 31.  Use Form 6252 to report income from real estate transactions by completing its Schedule F.

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