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Pennsylvania Free Printable PA Schedule D-1 - Calculation of Installment Sale Income (REV-1689) for 2020 Pennsylvania PA Schedule D-1 - Computation of Installment Sale Income

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PA Schedule D-1 - Computation of Installment Sale Income
PA Schedule D-1 - Calculation of Installment Sale Income (REV-1689)

1902210051 START PA Schedule D-1 ➜ REV-1689 (EX) 08-19 (FI) PA DEPARTMENT OF REVENUE 20 Please Print or Type OFFICIAL USE ONLY CALCULATION OF INSTALLMENT SALE INCOME - See the instructions. Submit PA Schedule D-1 with your PA tax return. Use a separate schedule for each sale on the installment method. Also link to the PA PIT Guide on the Department of Revenue’s website (www.revenue.pa.gov) for additional information. For PA PIT purposes, you cannot sell intangible property using the installment method. Social Security Number Corporate Tax File (Box) Number Federal EIN Name(s) as shown on return Date Acquired Date Sold Description of Property For PA PIT purposes, if acquired prior to June 1,1971, fill in oval for method of computing June 1,1971 value: Appraisal Proration - Attach PA Schedule D-71 (REV-1742) Complete Sections I and II for each tax year gain is reported for an installment sale. SECTION I CALCULATION OF GAIN AND SELLING PRICE 1. Selling price including mortgages and other debts. Do not include interest whether stated or unstated. . . . . . . . . 1. 2. Mortgages, debts, and other buyer assumes. Include such indebtedness that the property is subject to. Do not include new mortgages from a bank or other source. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. 3. Subtract Line 2 from Line 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. 4. Cost or other basis of property sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5. Depreciation allowed or allowable. If computing the June 1, 1971 value by the Appraisal Method, enter amount from PA Schedule D-71. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4. 5. 6. Adjusted basis. Subtract Line 5 from Line 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6. 7. Commissions and other expenses of sale. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7. 8. Add Line 6 and Line 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9. Gain or loss. Subtract Line 8 from Line 1. If the result is zero or less, do not complete the rest of this form. Report the entire sale on a PA Schedule D, or other appropriate schedule. . . . . . . . . . . . . . . . . . . . . . . . . . . . 8. 9. 10. Subtract Line 8 from Line 2. If zero or less, enter zero. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10. 11. Contract price. Add Line 3 and Line 10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11. SECTION II CALCULATION OF TAXABLE PART OF INSTALLMENT SALE 12. Proportional gain ratio Divide Line 9 by Line 11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12. 13. For year of sale only, enter amount from Line 10. Otherwise, enter zero. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13. 14. Principal payments received during taxable year. Do not include interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14. 15. Total payments. Add Line 13 and Line 14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15. 16. Payments received in prior years from this sale only for the sale reported to Pennsylvania using the installment method. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16. 17. Taxable part of installment sale. Multiply Line 15 by Line 12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17. LOSS 18. Net interest income received during the year on the property sold. Fill in the oval if this is a loss. . . . . . . 18. 19. Taxable installment gain. Add Lines 17 and 18. Enter here and on your PA Schedule D, or other appropriate schedule. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19. 1902210051 Reset Entire Form 1902210051 NEXT PAGE PRINT FORM Pennsylvania Department of Revenue Instructions for REV-1689 PA Schedule D-1 REV-1689 IN (EX) 08-19 GENERAL INSTRUCTIONS Use PA Schedule D-1 if you elect the installment sale method to report gain from a sale of real or tangible personal property. If you sell property in the regular and ordinary course of business on the installment method, such as inventory, report such activity on your PA Schedule C or F. You may not report a loss on an installment method. prior to June 1, 1971, use the adjusted or alternative basis as determined for Column e on PA Schedule D-71. LINE 5 LINE INSTRUCTIONS DEPRECIATION ALLOWED OR ALLOWABLE Enter all depreciation or amortization you deducted or should have deducted from the date of purchase until the date of sale. PA PIT law limits IRC section 179 current expensing to the expensing allowed at the time you placed the asset into service or the expensing in effect under the IRC of 1986. The maximum available Section 179 expense is $25,000. PA PIT law also does not permit the bonus depreciation elections. For each asset, you must also report straight-line depreciation, unless not using an optional accelerated depreciation method. You need the amount of straight-line depreciation if you need to take advantage of Pennsylvania’s Basis Adjustment Rules for Depreciation when you sell the asset. Refer to the PA Personal Income Tax Guide – Net Gains or Losses from the Sale, Exchange or Disposition of Property section for additional information. If the property was acquired prior to June 1, 1971 and you are using the alternative basis of the property, include only depreciation or amortization after June 1, 1971. LINE 1 LINE 7 GROSS SALES PRICE Enter the total amount of money, the face amount of the installment obligation, and the fair market value of other property (such as the buyer’s note), that you received or will receive in exchange for the property you are selling. Include on Line 1 any existing mortgage or other debt on the property the buyer assumes. Do not include interest. COMMISSIONS AND OTHER EXPENSES OF SALE Enter sales commissions, advertising expenses, attorney and legal fees, transfer taxes, or other expenses you incurred in selling the property. The installment sale method is not permitted for sales of intangible personal property, transactions for the purpose of lending money or rendering services, or for taxpayers using the accrual method of accounting. An installment sale election is irrevocable. If you cannot or do not elect to report a sale by the installment method, complete PA Schedule D, reporting the entire gain received from the sale. If you acquired the property prior to June 1, 1971, obtain PA Schedule D-71, REV-1742, “Gain or Loss on Property Acquired Prior to June 1, 1971” to first determine the taxable gain. LINE 2 MORTGAGE AND OTHER INDEBTEDNESS Enter only mortgages or other indebtedness on the property the buyer assumes from the seller. Do not include new mortgages the buyer gets from a bank, the seller, or other source. LINE 4 COST OR OTHER BASIS OF PROPERTY SOLD Enter the original cost or basis and all expenses you incurred in buying the property. Add capital improvements, but not repairs, to your basis. If the property was acquired www.revenue.pa.gov PREVIOUS PAGE LINE 9 GAIN OR LOSS FROM SALE Subtract Line 8 from Line 1. If the result is zero or less, do not complete the rest of this form. Report the entire sale on a PA Schedule D or other appropriate schedule, and submit it with your PA tax return. LINE 12 EXPRESS THE PROPORTIONAL GAIN RATIO BY A FRACTION OR BY A DECIMAL CARRIED TO AT LEAST SIX PLACES NOTE: If the mortgage the buyer assumes (Line 2) is equal to or greater than the seller’s basis in the property (Line 8), the proportional gain ratio will always be 1.000. REV-1689 NEXT PAGE 1 LINE 14 LINE 17 PAYMENTS RECEIVED DURING THE YEAR Enter all money you received and the fair market value of any property you received during the taxable year. Include as payments any amount withheld to pay off a mortgage or other debt, such as brokers’ and legal fees. Do not include the buyer’s note, or any mortgage or other liability assumed by the buyer. If you did not receive any payments in the taxable year, enter zero. TAXABLE PART OF INSTALLMENT SALE Enter result here and on the appropriate schedule for your tax return. LINE 16 PAYMENTS RECEIVED IN PRIOR YEARS Enter all money and the fair market value of property you received and reported in prior years from this installment sale. Only include payments for sales reported to Pennsylvania using the installment method of reporting. 2 REV-1689 PREVIOUS PAGE LINE 18 NET INTEREST INCOME Enter the total interest you received during the year, less the interest expense you incurred during the year, on the property sold. If the expense is more than the income, enter the loss and fill in the oval. LINE 19 TAXABLE GAIN Add Lines 17 and 18. www.revenue.pa.gov RETURN TO FORM
Extracted from PDF file 2019-pennsylvania-form-rev-1689.pdf, last modified December 2008

More about the Pennsylvania Form REV-1689 Individual Income Tax TY 2019

We last updated the PA Schedule D-1 - Computation of Installment Sale Income in March 2020, so this is the latest version of Form REV-1689, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form REV-1689 directly from TaxFormFinder. You can print other Pennsylvania tax forms here.

Other Pennsylvania Individual Income Tax Forms:

TaxFormFinder has an additional 174 Pennsylvania income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form PA-40 Pennsylvania Income Tax Return
Form PA-40 PA-V PA-40 Payment Voucher
Form 40 Instruction Booklet Income Tax Instruction Booklet
PA-40 Income Tax Return
Form PA-40 W-2S PA Schedule W-2S - Wage Statement Summary

Download all PA tax forms View all 175 Pennsylvania Income Tax Forms


Form Sources:

Pennsylvania usually releases forms for the current tax year between January and April. We last updated Pennsylvania Form REV-1689 from the Department of Revenue in March 2020.

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About the Individual Income Tax

The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.

Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!

Historical Past-Year Versions of Pennsylvania Form REV-1689

We have a total of nine past-year versions of Form REV-1689 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2019 Form REV-1689

PA Schedule D-1 - Calculation of Installment Sale Income (REV-1689)

2017 Form REV-1689

PA Schedule D-1 - Calculation of Installment Sale Income (REV-1689)

2016 Form REV-1689

PA Schedule D-1 - Calculation of Installment Sale Income (REV-1689)

PA Schedule D-1  (REV-1689) 2015 Form REV-1689

PA Schedule D-1 (REV-1689)

PA Schedule D-1  (REV-1689) 2014 Form REV-1689

PA Schedule D-1 (REV-1689)

PA Schedule D-1  (REV-1689) 2013 Form REV-1689

PA Schedule D-1 (REV-1689)

Forms/Publications 2012 Form REV-1689

PA Schedule D-1 (REV-1689)

Forms/Publications 2011 Form REV-1689

PA Schedule D-1 (REV-1689)


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