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(3) Date of each installment payment. An installment sale is a sale of property where you'll receive at least one payment after the tax year in which the sale occurs.An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. Understand the key differences between two types of credit card financing promotions, and how to tell them apart. If you apply for a payment plan (installment agreement), it may take up to 90 days to process your request. There is one loan option: Make 4 installment payments due every two weeks (for a total of 6 weeks). The first payment is due at the time of purchase. Fees. Do you owe the IRS a tax payment this year? You can use all or part of your TSP account to purchase a life annuity through our outside vendor . Each monthly payment reduces a certain portion of the principal owed on the loan and pays interest accrued to date.