When you sell a house under a contract that provides that part of the selling price will be paid in installments, you must report the sale as an installment sale. However, you can elect to opt out by reporting the sale on Form 8949. Do not report it on Form 6252. Do not indicate in TurboTax that you have an installment sale. Instead, report as the sale of primary residence. To report the sale of your home, while logged in to your return
follow these steps:
- Click on Federal > Wages and Income
- Scroll down to Less Common Income
- Under Less Common Income, click on the Start/Revisit box next to Sale of Home (gain or loss).
- On the screen Sale of Your Main Home click Yes box.
- On the Sale of Your Main Home screen, review the information you will need to enter and click Continue.
- Continue through the screens, entering the requested information.
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