Installment sale of Raw land

[Cy4]

I bought a raw land in 2015 for $66671 and sold it in 2024 for $231000 with a 2 years installment loan. I had a total selling expense of $28000 and agreed that the buyer pays $50,000 in 2024 and $81000 in 2025 and the rest as down payment. In calculating the long term capital gains, do I use the selling price of $231000 as the denominator to figure out the 2024 gain which is 1-(50000/231000) = 1- 0.21 =79%   79% x $50000= $39500

or, do I need to subtract the selling expense from the selling price in figuring out 2024 gain which is 1-(50000/$231000 -$28000) = 1-.37 = 63% which gives me a total 2024 gain of .63 x $50,000 = $$31500

Please advice. Also, do I need to fill out any other form beside IRA 6252 and schedule D?

[PatriciaV]

When you enter this transaction as an Installment Sale under Sale of Investments, TurboTax will calculate the overall gain and the amount to be claimed this year. All necessary forms will be completed and included in your filed tax return.

Note that your net sales proceeds would be the sales price less any selling/closing costs.

Additional information: How do I report an installment sale in TurboTax?