Today TaxMama hears from Mike in Colorado who can’t find an answer. “IRS Publication 537 has a section describing how to calculate a gain, and your new basis, when you repossess real estate. But all the examples, and the instructions describe how to make these calculations when you originally reported the sale using the installment […]
Tag Archives: Installment sale
Today TaxMama hears from Carol in New York who tells us. “ I inherited lakefront property in 1999. I recently sold it for $60,000.00 and I am holding the mortgage with payments being made of $600.00/month. Do I have to report the sale; and how will taxes be calculated?”
Today TaxMama hears from Tony in Texas, with this tale of woe.https://www.grapplearts.com/wp-content/languages/new/write-an-analytical-essay.html “I sold a business and was never paid all of the money that was owed to me. The company closed and went out of business and never paid me. Can I go back to 2006, the year of the sale and recomputed the […]