topic Installment sale on real estate: I sold the property on a 5 year balloon and I receive monthly payments from the buyer in the amount of $792.00 per month. However, I sti in Deductions & credits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/installment-sale-on-real-estate-i-sold-the-property-on-a-5-year-balloon-and-i-receive-monthly/01/285047#M34671 still owe Bank of America on the original mortgage and I pay them $498 per month.<BR />I know how to report the income, but how do I deduct the $498 per month that I am paying to B of A? Mon, 03 Jun 2019 17:32:14 GMT garyrecer 2019-06-03T17:32:14Z Installment sale on real estate: I sold the property on a 5 year balloon and I receive monthly payments from the buyer in the amount of $792.00 per month. However, I sti https://ttlc.intuit.com/community/tax-credits-deductions/discussion/installment-sale-on-real-estate-i-sold-the-property-on-a-5-year-balloon-and-i-receive-monthly/01/285047#M34671 still owe Bank of America on the original mortgage and I pay them $498 per month.<BR />I know how to report the income, but how do I deduct the $498 per month that I am paying to B of A? Mon, 03 Jun 2019 17:32:14 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/installment-sale-on-real-estate-i-sold-the-property-on-a-5-year-balloon-and-i-receive-monthly/01/285047#M34671 garyrecer 2019-06-03T17:32:14Z The $498 should be taken off  as a business expense and n... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/the-498-should-be-taken-off-as-a-business-expense-and-n/01/285054#M34674 The $498 should be taken off&nbsp;&nbsp;as a business expense and not included as income. Try using quick books as your accounting software. Mon, 03 Jun 2019 17:32:17 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/the-498-should-be-taken-off-as-a-business-expense-and-n/01/285054#M34674 hj6569nyc 2019-06-03T17:32:17Z