Capital Gains When Seller Financing

[Colin Williams]

In this example, I'm wondering how Capital Gains affects the seller. 

Let's say I sell a duplex for $1,360,000. The buyer pays $650,000 down and I finance the difference to the buyer. Will I be hit with gains against the $1,360,000 sale price even though I've only been paid $650k and the buyer is paying the rest off over time to me? 

I understand there are other factors and exemptions to consider, I'm just giving a basic example.