I sold a rent property: on closing the 1099-s the gross proceeds 30k.Buyer mortgaged this from myself at $347/month. The 1st mort pmt 1/19.how do I reflect this on taxes?

[tbone20006]

On closing I received a 3k down payment. This is a 0% rate mortgage. I originally bought it for 34k.

[IreneS]

Since you are financing the propert5y and receiving payments over time, this is considered an installment sale.

In your return you will use Form 6252 to report a sale of property on the installment method. The form is used to report the sale in the year it takes place and also to report payments received in later years.

You can report the proceeds from an installment sale by following these steps:

1.  Click on Federal > Wages & Income
2. Scroll down to the Less Common Income section and click on the Start/Revisit box next to Installment Sales. On the Installment Sales screen click on the Yes box.
3. Continue through the interview, entering the requested information.