Bookkeeping & Tax on Owner Finance Sale

[Andrew Yu]

I sold a property thru owner finance, but I have a question about the bookkeeping/tax side of it. Here is the journal entry for it basically

My questions are: 

• Is the journal entry correct? 
• 26K is quite a bit of revenue to pay tax on. I won't receive all of them until the loan is paid off. Should I claim of the 26K this year on revenue?
• What would my bookkeeping journal entry be if/when the buyer defaults on payments, and I get the property back?