I sold a home using Seller Financing

[techie353]

The home is in Pennsylvania and I reside in New York. I sold the home to a Buyer and financed the loan. I was paid $15k down payment for Nov 2025. Each month in 2026, I will receive a monthly check (principal and interest).How do I report the $15k and also the monthly check?

Do I complete Form 6252 (Installment Sale Income) for Federal? And pay Quarterly Taxes?

I will be using TurboTax Deluxe if this helps.

[M-MTax]

Yes, it's an installment sale but if you're using the online version of TurboTax, you'll have to upgrade to Premier.

[techie353]

I will be using TurboTax Deluxe Desktop edition. Can I make this work wit this version? Or perhaps use Excel spreadsheet for tracking? How can the Premier edition simplify for me?

[VolvoGirl]

Yes you can use Desktop Deluxe.  All the Desktop programs have the same forms, you just get more help in the higher versions.  I don't know what extra help or questions that Premier will ask.

ps.....in the Online version you would need Premium.   They changed Premier to Premium in Online.