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re: Legaility question regarding selling a house for more than its worth
Posted on 3/7/15 at 4:58 pm to Poodlebrain
Posted on 3/7/15 at 4:58 pm to Poodlebrain
What if a house is "worth" and by worth I assume you meant appraised for, 250k and you can sell it for 265k. Is it the same scenario ? Or in your case is the question just because it is double the value ?
Posted on 3/7/15 at 5:11 pm to keeton350
quote:
Or in your case is the question just because it is double the value ?
More or less, yes.
Posted on 3/7/15 at 10:47 pm to keeton350
My point is that if you figure out an acceptable payment, and number of payments, then you can state the purchase price and interest rate at specific values that avoid the appearance of usury. The only adverse consequences are the tax implications for the buyer and seller. The sales price may be higher than the seller would like, and result in capital gain from the sale. But that would also mean less interest income to recognize over the life of the loan. For the buyer, he would probably get more cost basis in the property and less deductible interest expense over the life of the loan.
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