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Tax help needed - rental property
Posted on 3/2/25 at 1:56 pm
Posted on 3/2/25 at 1:56 pm
I have a rental property in MS I put up for Rent to Own last year and got a buyer. He had to put $30,000 down on it and has a seven-year loan at 7%. I am seeing some info online that is inconsistent. From a tax situation, what do I report this year?
3
Posted on 3/2/25 at 2:48 pm to rpg37
Is this essentially a seller financed deal? Did you close on the property at a title company? If so, recognize rental income and expense up until the date of sale.
On date of sale you recognize the sale and interest income throughout the life of the loan.
On date of sale you recognize the sale and interest income throughout the life of the loan.
Posted on 3/2/25 at 9:07 pm to rpg37
Is it rent to own (deed has not transferred) or owner financing (deed has transferred)?
Posted on 3/2/25 at 9:38 pm to rpg37
Strongly suggest asking a CPA. Each state will vary.
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