garyrecer
New Member

Installment sale on real estate: I sold the property on a 5 year balloon and I receive monthly payments from the buyer in the amount of $792.00 per month. However, I sti

still owe Bank of America on the original mortgage and I pay them $498 per month.
I know how to report the income, but how do I deduct the $498 per month that I am paying to B of A?