No. You do not HAVE to do the installment sale.
Yes. You can choose to report the entire sale this year and then include the subsequent years report the interest when it is received.
Installment sale. An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. If you realize a gain on an installment sale, you may be able to report part of your gain when you receive each payment. This method of reporting gain is called the installment method. You can’t use the installment method to report a loss. You can choose to report all of your gain in the year of sale.
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