turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Installment Sales Interest Income

We sold our old home to our daughter on 8/15/2021 and are carrying the mortgage.  I've been keeping track of each monthly payment plus interest.  In completing the information in TurboTax 2023.  In attempting to enter the data I get a message "Your Installment Sale Income:  Based on the information you have entered, you have no installment sale income on the property listed".  HOW can that be?  I have to complete an IRS Form 1098 and submit to the IRS with a Form 1096 Transmittal.  Interest "was" collected on the monthly recurring payments.  

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
ThomasM125
Expert Alumni

Installment Sales Interest Income

For there to be installment sale income, you need to have sold the house for more than what you paid for it plus improvements. On the Property Description page, make sure the Selling Price of This Property is more than the Cost or Other Basis of This Property. Also, make sure you enter something for the amount of principal paid to you during the year.  The installment income is a product of the cost of the property, selling price and principal paid during the year.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies