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Land Contract between spouses
I sold my house and property to my husband on a land contract at FMV. I understand that under sec. 1041 there is no gain realized, but what about the monthly payments going forward or the interest? Is that also covered by 1041? How would I even determine what is interest and what is not, according to the IRS? Is the principal of each payment taxed?
‎February 28, 2025
4:10 PM