Deductions & credits

An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. You can read more about installment sales here. 

You can report part of your gain when you receive each payment, rather than all of your gain in the year of the sale. 

Here’s how to report one in TurboTax:

1. Open your return in TurboTax
2. In the search box, search for installment sales and select the Jump to link
3. Check the box next to Sales of real estate, cars, or anything else for which you receive payments over two or more tax years (installment sales). Select Continue
4. Answer Yes to Do you want to report an installment sale?
5. Follow the instructions to enter your sale details

Here's more info on Form 6562. 

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