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Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

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.

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