Profile picture for user1626326

Financed by owner

Let's say I provide the financing to sell my house and take the entire gain this year on my taxes.  The future payments, I would simply pay taxes on the interest.  My question, if I need to repossess the house, is there a way to recover the taxes I paid on the gain?  I realize my option is to file taxes as an installment sale and pay taxes on the gain each year.  The big unknown is the tax rate in the future.
  • December 04 2012 - McPherson
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Answers (3)

Profile picture for Ofe Polack
We can not provide you with that type of advice, kindly contact your accountant.
  • December 04 2012
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Profile picture for wetdawgs
You should review this with your CPA, or call the IRS (www.irs.gov).



  • December 04 2012
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Licensed real estate professionals, unless they are a CPA, are very unqualified to answer your question above. It's akin to asking us about heart surgery, that is not our area of expertise. That is a question best asked of your tax professional as everyone has their own unique tax situations and no stranger and unqualified tax person should be attempting to answer your question.
  • December 04 2012
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