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MI Form 6252: What You Should Know
If you receive installment income from a casual sale of property, and you have other sources of income that do not meet the requirements of MI-4430 (filing date of Form 6251, installment sale tax return to claim refundable credits), you must determine the amount of installment income tax you are entitled to claim for the year. The amount of installment sales tax to be paid is the result of the following steps: Use a formula based on the property's fair market value. Step 2 is the same as the formula used in MI-4430(7). Use this formula: Step 3 is the formula used in MI-4430(8). If you are eligible to claim a credit for income taxes associated with income taxes paid on installment sales you received through the installment method, you may claim that credit. If you can't claim the credit, follow the Instructions for Form 6251. Filing Deadline A summary of where the deadline for filing Form 6242/6242-A lies is as follows: Form 6242/6242-A filed by January 31, 2017, Form 6242/6242-A is due by April 15, 2017, Instructions for Use of Tax Computers Download the Instructions for Use of the Tax Computers below and use the program accordingly.
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