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if this is not a business you use form 6252 to report the installment sale. if this is your business the house would be inventory and the sale of inventory can not be reported on the instalment method
read the instructions. it may make it easier to complete the Turbotax form
https://www.irs.gov/pub/irs-pdf/f6252.pdf
Ordinarily, an
installment sale doesn’t include a disposition
of personal property by a person who
regularly sells or otherwise disposes of
personal property of the same type, or a
disposition of real property that is held by the
taxpayer for sale to customers in the ordinary
course of the taxpayer’s trade or business
Thank you for your reply. Very helpful but need a little clarification. What constitutes whether it’s a business or not? I have a full time job and this seemed like a good investment opportunity outside of my normal job and I may do more in the future.
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