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Use the Installment Method to Defer Taxes on Property Sales When at least one payment is received after the tax year in which the sale occurs, you can use the installment method to defer a portion of the income tax due on a gain from the sale of property such as an apartment or office building. Under the installment method, the seller recognizes a portion of each payment as gain when received.   New Tax Bill Saves Popular Tax Breaks By overwhelming margins in both federal chambers, the House and Senate approved the Working Families Tax Relief Act of 2004 (the Act). The Act doesn't blaze any new trails, but, instead extends the expiration of numerous tax provisions.   New Tax Deduction The American Jobs Creation Act of 2004 (2004 Jobs Act) repealed (actually phased-out) existing federal income tax breaks for foreign sale corporations (FSCs) and extraterritorial income (ETI). This action was necessary because the World Trade Organization had ruled the FSC/ETI regime amounted to an illegal export subsidy.