Installment Sale Payoff!

[quicksam]

I have a client who we have been filing form 6252 for several years for a property he sold. We have the gross profit percentage figured and it always carries foward.

The buyer decided to payoff the client and finance the property elsewhere. My question is do we just include the payoff of 72000 with the normal payments for the year on the 6252 and let it flow to the other forms or do we only put the normal payments on 6252 and report the payoff somewhere else?

Thanks

[Maribeth]

You report the payments on the 6252 as normal. The final gain will then flow to Sch D, There is no other form or reporting needed.

Maribeth