I sold my home through a land contract in 2015, but have been including the payments from the buyer as rental income instead of installment sales. Should I correct this?

nick3tmn · ‎March 31, 2020

MarilynG1 · ‎March 31, 2020

You could go back and Amend your last three year's return to report the Installment Sale Income.

The Principal part of your payments is reported as a Capital Gain, and the Interest portion as Interest Income.

Click this link for more info on How to Amend a Prior Year Return.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

MarilynG1 · ‎March 31, 2020

You could go back and Amend your last three year's return to report the Installment Sale Income.

The Principal part of your payments is reported as a Capital Gain, and the Interest portion as Interest Income.

Click this link for more info on How to Amend a Prior Year Return.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.