We sold a parcel of land (no structure, just open land) in 2017. We financed this sale ourselves, so We also hold the “Promissory Note”.
We sold this Land with the Terms of $47,000 @ 5%.APR. The Buyer agreed to pay us $500 per month towards the Balance. We have accepted 8 monthly payments of $500 in 2017, which has resulted in us earning $1530.88 in Interest income.
How do We report this additional income of $1530.88 using TurboTax?
Do We need to also report this same information to the Buyer?
