Homeowner Capital Gains Exemption with seller financing - taxes

[Forrest Dabb]

I need help, i have talked to multipile CPA's and they can't seem to find an answer to my question. I sold my personal residence this past year using seller financing. I still have a mortgage on the property. I pay the mortgage taxes and insurance every month at $1300 and the buyer pays me $2200 PI +300 taxes and insurance every month. I lived in the home for over two years and want to use the home owner capital gains exemption on the $100k of gain I had on the property. How do I report this on my taxes? Do I report the sell of the home, and skip the installment sale section and just use form 1099 INT for the interest i receive from the buyer? this seems to be the easiest way. But i don't want to do something wrong, should i use the installment section but I don't want to pay and gain on the property.

Thanks, 

[Linda Weygant]

I can assure you that any CPA with more than 10 minutes of experience knows the answer to this question. However, no CPA who values their E&O insurance is going to help you fill out your TurboTax interview.

This is the exact reason why professionals should be consulting with a qualified CPA or EA for their tax filing needs.  

TurboTax and similar programs are really great for basic tax returns.  When you start coloring over the lines, you should be consulting with professionals to help you stay compliant.