Equip Sale Installment ATX Entries

[Randall]

Client closed business.  Sold equipment on an installment basis.  I can enter the total on Form 6252.  I need to dispose of the assets in the Fixed Asset system to close the assets and depreciation.  I have allocated the selling price to each asset.  This carries the gain to Form 4797.  How do I override this so the 4797 and the 6252 gains aren't duplicated?

 

 

[Randall]

I see the option under disposition of asset to select installment sale.  Can I do the bulk disposition and generate only one Form 6252?  I don't want to have 10-15 Forms 6252.

[rfassett]

On the asset disposition tab there is a selection for "installment sale".  It may all be floating to the 4797 if you have done it this way because of depreciation recapture. Recapture is picked up in the year of sale. If you have done it this way, you do not need to enter anything on the 6252.  It should float there on its own if it is applicable.

[rfassett]

Yes on your second question.

[Randall]

Once I select installment sale and bulk disposition, I get a drop down to 'add new'.  On this input screen near the bottom, there is a grayed out link that says 'Assign or edit assets to included in this bulk disposition'.  But apparently this link is grayed out and doesn't work.  I was thinking this might be a shortcut to get all the assets inputted. 

[Randall]

I see now I have to select either Long Term or Short Term, then the link becomes available.