Ok ... you are selling a personal residence at a loss which is not deductible but the interest you collect each year on this contract is reported on the Sch B. Do not use the installment sale option since you sold at a loss.
Go to :
Federal Taxes, then
Wages and income, then
Choose what to work on, then
Choose less common income, then
To enter seller financed interest income:
· Type interest income - seller financed and click search/find.
· Click on Jump to interest income - seller financed.
· Continue with the onscreen questions.
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