You can definitely use TurboTax to file your tax return and report the sale of the house in North Carolina. And you can get help from experts here in the TurboTax Community along the way.
How does selling a home affect my taxes?
I sold my home. What can I deduct?
An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. For example, if you sell a rental property, and the buyer agrees to pay you over a five-year period, that’s an installment sale.
You can report part of your gain when you receive each payment, rather than all of your gain in the year of the sale. This is called the installment method. You can opt out of the installment method by reporting the gain in the year of the sale. However, you must make this election by the due date of your return, including extensions. You can't use the installment method to report a loss.
Here’s how to report an installment sale in TurboTax and create a Form 6252.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
