An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. You can read more about it here.
Follow these steps to report the sale in TurboTax.
- Open your return in TurboTax.
- In the search box, search for installment sales and select Jump to installment sales.
- Check the box next to Sales of real estate, cars, or anything else for which you receive payments over two or more tax years (installment sales). Select Continue.
- Answer Yes to Do you want to report an installment sale?
- Follow the instructions to enter your sale details.
-for more information on installment sales follow this link-
Publication 537 - IRS
