Publication 225 |
2000 Tax Year |
Introduction
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.
The buyer's "installment obligation" to make future payments
to you can be in the form of a deed of trust, note, land contract,
mortgage, or other evidence of the buyer's debt to you. The rules
discussed in this chapter generally apply regardless of the form of
the installment obligation.
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