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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?
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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.
This link gives info on How to Report Installment Sale Payments.
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