1065-US: Reporting a prior-year installment sale or like-kind exchange of an asset (FAQ)

Alerts and notices

Question

What input screens are used to report a prior-year installment sale or like-kind exchange of an asset?

Answer

  • Screen InstPY - Use Screen InstPY to enter prior year installment disposition information for an asset without a section 179 expense deduction. The disposition information that you enter in Screen InstPY is used to complete Form 6252.
  • Screen SalePT - Use Screen SalePT to enter prior year installment disposition information for an asset with a section 179 expense deduction. You must also mark the Sale is a prior year installment sale field. The installment disposition information that you enter in Screen SalePT is separately stated on Schedule K, line 20c and Schedule K-1, box 20, code L.
  • Screen K1Sale - Use Screen K1Sale to report separately stated prior year installment disposition information for an asset with a section 179 expense deduction from Schedule K-1, box 20, code L from a passthrough entity in which the partnership is a partner. You must also mark the Sale is a prior year installment sale field. The installment disposition information that you enter in Screen K1Sale is separately stated on Schedule K, line 20c and Schedule K-1, box 20, code L.

Related topic: Forms 4684, 4797, 6252, and 8824 and Schedule D FAQs (1065)