We purchased the land 3 years ago. Our cost basis is $77,908. We sold it this summer for $68,500 and are doing owner financing.
The contract is for 15 years. We got a statement from the mortgage company handling the payments for us, but not a formal tax reporting form.
How do I report the sale and the interest? I tried to enter as an installment contract, but TurboTax said it didn't qualify, to report it another way. Help
