If you are using TurboTax Online you need to upgrade to Premium for the Installment Sale.
To report the sale:
- Go to Federal
- Go to Wages and Income.
- Scroll down to Less Common Income
- Select Start next to Installment Sale
When you have an installment sale, you have two choices for how you will be taxed on any gains from the sale:
1. You can report and be taxed on the full gain in the year of sale; or
2. You can elect the installment method and only be taxed on the money you receive during any given tax year.
For more information check: What is an installment sale?
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