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I sold a house in 2018 on land contract and have not a payment as of yet. Do I report this sale?

 
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DDollar
Expert Alumni

I sold a house in 2018 on land contract and have not a payment as of yet. Do I report this sale?

Yes, report it in TurboTax as an Installment Sale:

To record an Installment sale in TurboTax Online:

  • Click on "Search" and type "Installment Sales" in the window and hit Enter
  • Click on "Jump to Installment Sales"
  • On the page "Any Other Property Sales" check the box for: "Sales of real estate, cars, or anything else for which you receive payments over two or more tax years (installment sales)" and click Continue
  • If you are using Deluxe you will be prompted to upgrade to Premier
  • On the Installment Sales page answer yes to "Do you want to report an installment sale?"
  • Continue through the interview and record the details of your Installment Sale

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1 Reply
DDollar
Expert Alumni

I sold a house in 2018 on land contract and have not a payment as of yet. Do I report this sale?

Yes, report it in TurboTax as an Installment Sale:

To record an Installment sale in TurboTax Online:

  • Click on "Search" and type "Installment Sales" in the window and hit Enter
  • Click on "Jump to Installment Sales"
  • On the page "Any Other Property Sales" check the box for: "Sales of real estate, cars, or anything else for which you receive payments over two or more tax years (installment sales)" and click Continue
  • If you are using Deluxe you will be prompted to upgrade to Premier
  • On the Installment Sales page answer yes to "Do you want to report an installment sale?"
  • Continue through the interview and record the details of your Installment Sale

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