| | Need Clarification on Installment Method/Capital Gain
In 2008 I sold a secondary home on contract. Is this considered an installment method? If not, then how do I claim the entire sale for 2008 when I will still have mortgage interest that I will claim next year since the buyer will not secure financing until this year and finalize the purchase. I'm confused since this is the first time I have sold a home. Thanks.