I'm selling a rental property on contract. 1st year of contract is this year. Nice down payment and 5.5% interest, with monthly payments. Balloon in 4 years. Per TT, in the SOLD section it says don't mark as sold if using installment method. Only mark SOLD in the final year. That's 4 years from now.
However, in the asset/Depreciation section, it specifically asks if I'm using the installment method. It then goes thru several questions.
So, the question is: How/when do I report the sale?
