The following information originates from the UnitedState Internal Revenue Service's website, http://www.irs.ustreas.gov/.
An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. If you dispose of property in an installment sale, you report part of your gain when you receive each installment payment. You cannot use the installment method to report a loss.
General Rules
If a sale qualifies as an installment sale, the gain must be reported under the installment method unless:
The materials contained within this page may not be reproduced without the express written consent of Prodigy Home Services, Inc. The information herein is believed to be accurate and timely, but no warranty as such is expressed or implied.
The materials contained within this page may not be reproduced without the express written consent of Prodigy Home Services, Inc. The information herein is believed to be accurate and timely, but no warranty as such is expressed or implied.
