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NY Form 6252: What You Should Know
The full amount of payment (cash or check), 2. The date of the sale (the day before or after a transaction), and 3. The total purchase price for the property. You may claim a credit against your income tax for each payment you're required to make when you make installments from real property. If the sale is more than five years old and is a casual sale in any of the following three situations:. . . There's no installment sales income from the sale, and you're entitled to a reduction, or no reduction, of adjusted gross income under section 121. . . . The sale is not a Casual Sale, so no credit is allowed to any portion of the sale, but you are entitled to credit for the price you paid for the property. . . The sale is a Casual Sale, so no credit is allowed to the part of the sale that was not a Casual Sale. . . . The sale is an installment sale, so you're required to make a payment each time you make your payments. Note about Form 6252 — TurboT ax Use Form 6252 to report installment sale income from casual sales of real or personal property. How much is income? The amount of income from an installment sale of real property is equal to the sale price minus any installment payments you have to make. If the sale does not have any installment payments, then you would receive no income from an installment sale. The total amount of the sale price must equal the fair market value of the property at the time you make the installment payments. What happens if the sale is a Casual Sale? If the sale is a Casual Sale, then you are not subject to the following: Gross income reduced by installment payments required by section 121. Cancels the deduction for casualty loss on a casualty loss. For more information, see chapter 6 of Publication 944, Casual Sales. Reductions against any casualty deduction. You cannot claim a casualty deduction on the casualty loss of an investment (such as an investment on which profits are distributed from your sale of real property) that has a loss when it's sold. For more information, see chapter 6 of Publication 944, Casual Sales. Reduction against credit against your tax. You may be subject to interest on any amounts received in excess of the amount you were required to pay when you made your installment payments.
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