sale of rental property that i now hold a mortgage on

[wac764]

how do i report the sale  and the interest i make off the mortgage. the mortgage is for 20 years 

[Anonymous_ · Accepted solution]

You will enter this transaction in the Rental Properties and Royalties section of the program.

In the Property Profile section (under Rentals), ensure that you indicate that you sold the property by checking the box.

In the Sale of Property/Depreciation section, there will be a screen where you will indicate that you sold the property (check the box) and also a screen where you will indicate that you want to report the sale as an installment sale (see screenshot below).