[DJDouglass]

I need help re: tax forms for 2007

In 2007 I sold a piece of undeveloped real estate for $20000, initial cost was $32,500 in 1984.
I received 10, 000 down payment (expenses of sale were $4604) in 2007.

I am carrying the contract for the remaining 190,000 interest 4.86%.
I am to receive $10000/year starting in 2008 at 4.86% interest for 9 yrs with a balloon payment for final amount due in the 10th year.

I'm not sure what form(s) to use for 2007 and then for 2008 on.

I am usually able to do my own taxes on Turbo Tax but I'm on very unfamiliar ground with this transaction.

Thank you.
Donna
WA State

[DJDouglass]

Whoops, make that $200,000 selling price.
DJD

[Petersgb]

Use the Installment sale form 6252 and also related form 4797