DianeW777
Expert Alumni

Business & farm

Yes, you can report only your 2024 payment if you choose the installment sale method. The other option is to report the full sale and then if you receive additional income in a later year you would report it the same way. 

 

If you want to use the installment method you can follow the steps in this link. Keep in mind that any interest payments in the contract would also be taxable income.

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