My retired taxpayers (MFJ) sold raw land in 2019 that had been gifted to them many decades ago. No cost basis available, but had significant selling expenses.
To stay under $ 170,000 AGI limit for medicare part "B" premium purposes, they entered into a 2 year installment sale for 2019-20.
The 6252 asks if this is to go on "D" or a 4997. This land was never rented or used for business. I'm thinking the # 6252 LTCG should go directly to "D".
Is this correct ?
Thanks for comments.
To stay under $ 170,000 AGI limit for medicare part "B" premium purposes, they entered into a 2 year installment sale for 2019-20.
The 6252 asks if this is to go on "D" or a 4997. This land was never rented or used for business. I'm thinking the # 6252 LTCG should go directly to "D".
Is this correct ?
Thanks for comments.
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