I am using Turbo Tax Deluxe 2016. I understand I need to provide a form1098 to the Buyer and the IRS for an installment sale . Does Turbo Tax Deluxe generate the 1098?

[artexan]

I  understand I need to complete a Form 6252.  The downloadable 1098 from the IRS is not acceptable for submission to the IRS. 

[VolvoGirl · Accepted solution]

Sorry no.  No version does.  Someone correct me if I'm wrong, but I think as an individual you don't need to do a 1098.  That's only for banks and if you are in the business of giving out mortgages.  

[VolvoGirl]

Here's Some posts I found about installment sales and entering them form 6252
<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/3231265-i-have-installment-sales-income-form-6252">https://ttlc.in...>

<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/3266453-i-am-looking-for-form-6252-installment-sale-income-can-you...>

[VolvoGirl]

Oh, also If you received interest from someone either as mortgage interest or other interest, enter it like you had received a 1099-INT and put the amount in Box 1.

[VolvoGirl]

OK here's the IRS instructions for the 1098.  See first page WHO MUST FILE
You are not required to file this form if the interest is not received in the course of your trade or business. For example, you hold the mortgage on your former personal residence. The buyer makes mortgage payments to you. You are not required to file Form 1098.
<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/i1098_16.pdf">https://www.irs.gov/pub/irs-pdf/i1098_16.pdf</a>

[SweetieJean]

I hold a seller-financed mortgage, and simply give the buyer a notarized letter each year that delineates the payments.  In order for the buyer to deduct the interests payments, he must have your SSN, so you may wish to get an EIN for that purpose.

[artexan]

Thanks for all the helpfull answers