When real estate taxes due on a contract for deed sale? - real estate contract for deed
I sell a house that I inherited from my parents, the breakdown of the agreement. After 4 years of monthly payments, buyers will receive a bank loan and pay the full balance. What, if any, are my tax obligations?
Friday, January 29, 2010
Real Estate Contract For Deed When Real Estate Taxes Due On A Contract For Deed Sale?
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If the payments which it was made for the interest and principal payments, the tax on interest will be paid in the year. It should also give the buyer a statement of interest that they pay for this year to enable them to sell mortgage interest they are given with your taxes. If you pay the entire balance, you have to pay capital gains tax when the sale price and the declared value when you inherit the house if you paid the inheritance tax at the time.
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