land sale payment over two years no interest

[akphoneguy]

So in 2024 we sold a  piece of raw land held for over 20 years. We opted to take 50% this year (2024) and the remainder with no interest in 2025. How do I report this in TT. I could just say it was a land sale and split the expenses by 1/2 and then report the balance of the income and remaining expenses in 2025.  FWIW expenses will be non deducted property taxes, some legal costs for document prep, and recording fees.  

OR?

[AmyC]

A sale that crosses over years is an installment sale. You can fill it out inside the program. The instructions for each line are below the form, see About Form 6252, Installment Sale Income. 

[Hal_Al]

In TurboTax (TT), enter at:
- Federal Taxes tab (Personal in  Home & Business)

 - Wages & Income

Scroll down to:

  - less common income

    -Installment Sales - Press start (or update)

Follow the interview, starting on the next screen