real estate tax question

[Jeffhale]

"Until the money I have received is more than what I paid for the property, it isn't income"

No, you're receiving interest 'income' you'll file it as unearned income. As for meeting a mark on payments until you're on the profit side, it can get really tricky or can be very simple too but, your bank should be able to advise you how to file it and obtain the greatest savings. . And or see this site regarding 'Publication 537 instalment sales': http://www.irs.gov/publications/p537/ar02.html

[kalakoa]

it can get really tricky or can be very simple too

Yes, it goes back to exactly how the "owner financing" was structured -- mine was drawn up by lawyers to resemble a conventional mortgage.

[Kapoho Joe]

quote:

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Originally posted by terracore

Anybody else ready for a flat tax?

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nope