Since you are financing the propert5y and receiving payments over time, this is considered an installment sale.
In your return you
will use Form 6252 to report a sale of property on the installment method. The
form is used to report the sale in the year it takes place and also to report
payments received in later years.
You can report the
proceeds from an installment sale by following these steps:
- Click on Federal >
Wages & Income
- Scroll down to the Less Common
Income section and click on the Start/Revisit box next to Installment
Sales. On the Installment Sales screen click on the Yes box.
- Continue through the interview,
entering the requested information.
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