Sale of Home – Installment Sale
To report the sale of your main home on an installment contract in the TaxAct program, follow the steps below.
Online
Dashboard
- From within your TaxAct return, click Income.
- On smaller devices, click the menu at the top left corner of your screen, then make your selection.
- Click the Explore More drop-down.
- Click Add beside Installment Sales.
- Complete the rest of the interview process.
Classic
- From within your TaxAct return, click Federal.
- On smaller devices, click the menu at the top left corner of your screen, then make your selection.
- Click the Investment Income drop-down, then click Payments received from an installment sale.
- Complete the rest of the interview process.
Desktop
- From within your TaxAct return, click Federal.
- Click the Investment Income drop-down, then click Payments received from an installment sale.
- Complete the rest of the interview process.
By completing this section, you are calculating:
- The gain or loss on the sale of your main home,
- If a gain, how much will be excluded,
- Total gross profit from sale (Form 6252, Line 16), and
- Any installment sale income for current year (Form 6252, Line 26), which will be included with the amount on Schedule 1 (Form 1040), Line 4.
For more information, go to IRS Publication 537.