Installment sale in prior year

[Kea]

My client started an installment sale in 2007. I prepared that return in Intellitax, but most of the installment sale info did not roll over to TaxWise. I did get 2 forms 6252 with the label I used in 2007 (even though it was just one before). I filled out the worksheet it said to use if asset was not on depreciation sheet.

It is filling out and printing the data in part I - even though this should only be shown in year of sale. What is the proper way to input the proper info into TaxWise? Do I need a depreciation worksheet? It was never used in a business.

Thanks

[Joel]

Kea,

For years after the sale just enter the amount received in the box for the amount received in the year of sale. If you have the correct percentage and the prior payment then all should be well on the 6252.

[Kea]

Thanks Joel,

That seems to work. However by not using the non-depreciation worksheet, I have to fill in the data with overrides. I hope that doesn't keep it from rolling over properly next year.

At least, Part I is now blank.

Thanks again