If you sold this property in a prior year and received the final installment payment in the current year, follow these instructions:
To enter an installment sale (Form 6252) in TurboTax Home & Business, click on the Personal tab, then select “Personal Income” and “I’ll choose what I work on.” Scroll down to "Less Common Business Situations" then select "Sale of Business Property." You will see a screen titled "Any other property sales." Check the box titled "sales of real estate, cars or anything else for which you receive payments over two or more years." Click Continue & the interview will guide you from there.
If, however, the installment sale (rent-to-own) contract was executed and fulfilled in the same year, you would report this as a normal real estate sale. (For tax purposes, an "installment sale" is a sale of property where one or more payments on the sale is to be received after the year of sale.)
For the sale of rental property, see: How Do I Enter The Sale of Rental Property?
For the sale of property that was your primary residence or a second home, see I sold my home. Is this taxable?
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