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re: Legaility question regarding selling a house for more than its worth
Posted on 3/8/15 at 10:40 am to Poodlebrain
Posted on 3/8/15 at 10:40 am to Poodlebrain
I'm glad you dropped in. I haven't spoken with my accountant yet, but how does the irs treat a sale like this?
Installment sale? Long term capital gains on monthly mortgage payments?
Installment sale? Long term capital gains on monthly mortgage payments?
Posted on 3/8/15 at 11:23 am to I Love Bama
You can elect to report it as an installment sale. That will allow you to defer the tax on the gain until you receive the cash. The risk is that Congress might raise the tax rates during the life of the installment contract. Form 6252 is pretty straight forward for determining the amount of gain you have to report based on the principle payments you receive.
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