Because you sold the property at a loss, the sale is not eligible for installment reporting. You'll need to enter the transaction in two ways.
- First, go to Federal Taxes>Wages & Income>Investment Income
>Stocks, Mutual Funds, Bonds Other. Proceed through the interview until you
reach the question Choose the type of investment you sold, then select land. Report the sale and your loss of $9408.
- Next, report the interest income you received. Go to Federal Taxes>Wages & Income>Interest and Dividends>Interest from Seller-Financed Loans
You'll need to report the interest on the loan each year.
