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What type of income do I report for interest earned on a land contract

 
1 Reply
IsabellaG
Employee Tax Expert

What type of income do I report for interest earned on a land contract

You would report the interest earned from a land contract (installment sale) in the interest income section.

  • Go to the top of your screen and choose My Account.
  • Choose Tools.
  • Choose Topic Search, then type in your topic (interest income-seller financed) and click Go.

See the screenshot below.

On the screen Any Seller-Financed Loans?  say Yes.

On the next screen, Enter Seller-Financed Interest You Received, enter the information about this interest.

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