e what is called an installment sale. You have numerous choices on how to handle it with TurboTax, and the program will walk you through it. In the process of entering your data into the TTX program you will be asked on one of the screens if this is an installment sale. Select the option to indicate it is an installment sale, and press on.
Also, keep all of your paperwork on this. Based solely on my own personal experience and observations of others who have done a seller financed loan, self-financed installment sales have a high failure rate. Chances of your having to foreclose on the sale in the first 2 years is more than 95% possible. In the first 5 years it's more than 99% possible. Hopefully all your paperwork was done in accordance with local, state and federal laws so that when the time to foreclose comes, the legal process will be quick.
