This is reported as an installment sale and the income is apportioned over the two years of payment.
If this is an installment sale of a second home that was not used as rental property or for some business purpose, follow these directions:
- Down the left side of the screen, click on Federal.
- Across the top of the screen, click on Income & expenses.
- Under Your income and expenses, scroll down to Less Common Income.
- Click on Show more to the right of Installment sales.
- Click Start/Revisit to the right of Installment sales.
- At the screen Installment sales, you want to report an installment sale.
If the property was used as rental property or some business purpose, an installment sale question is among the questions in the sale of the business asset.
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