There are no 1099-Bs in a private sale but you still have to report the sale.
You have a choice if there was a gain on sale. You can report the entire sale in the year it occurred and be done with it except for reporting interest every year it's received. The other option is to report the sale on an installment sale basis using form 6252. Under this method, each year you receive proceeds you report a capital gain based on the principal received times the gross profit percentage. you also report the interest.
installment sales are covered underthe "less common income" section on the wage and income tab. the lower online versions of Tutrbotax do not cover this. All desktop versions do.
which is best? sorry I don't have a crystal ball.
