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Hawaii Form 6252: What You Should Know

Instructions for Form 6252, Installment Sale Income— IRS Use this form to report income from an installment sale on the installment method. Generally, an installment sale is a disposition of property where at least 100 in capital gains or losses (including net short-term capital gains/losses) have been realized. The term “sale” does not include a sale where only the taxpayer or its related person takes the property. When a sale is taxable on an installment basis, report the taxable income for each installment from the day of the sale until the earliest of the last day of the month immediately preceding the calendar month in which the sale occurs. An installment sale does not include property that is repossessed, repurchased, given to a qualified trust or a qualified corporation after it was transferred to a qualified trust or a qualified corporation. Taxable installment sales include sales of real property, farm land, personal property, inventory, inventory adjustments, and stock transferred to corporations before an election to be taxed under the installment method is made. Taxable installment sales do not include property that is sold to a third party, such as a broker, while the property is still under the seller's control and at the time of the sale; it means, however, property that is transferred to a third party after the sale. If the property is bought by a third party and delivered to its buyer or its buyer's representative, then the sale is not “an installment sale” and the third-party buyer or its representative cannot report the sale on Form 6252; he or she must report on Schedule E, Form 609. (See Schedule E (Form 609) — General Information for more information.) Instructions for Schedule D, Form N-35, Rev 2021, Capital Gains and Losses. See Schedule E (Form 609) — General Information for more information. State of Hawaii—Department of Taxation. SCHEDULE D. FORM N-35 (From federal Form 6242.) . Enter this amount here and on Form N-35, Transfer of Property. (PDF format requires See Form D&C, DORA 11.07.053 — DORA 11 — DORA-11.07.053) Tax Forms and Instructions (rev 08/05/10). (PDF format uses Adobe Reader. PDF format does not work with some newer browsers.

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