CostaCC
New Member

Owner Financed property sale

My boyfriend bought an investment property overseas two years ago. It was owner financed and the deed was help in escrow with an attorney. Before paying off the owner- financed loan, he sold it. The loan was paid off by the new buyer and the deed was transferred to their name. 

He sold it for about 20,000 more than he bought it for.

Does he need to report this and if so how?