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Deductions & credits
I do not want/need to have the full 300K "stated" as a selling price. I simply don't know if I should sell given this concession the potential buyer is requesting since that's the only way they can buy given they are short on cash. I'm fine if in the end I'm netting the asking price of 250K and their mortgage is 300K, but I don't want to pay taxes on an additional 50K I am not receiving. Btw, the numbers are fictitious and I am aware of the long-term real estate capital gain exclusions for singles and couples. The capital gain would exceed those numbers, thus my trying to figure this out. I'm trying to find out if the "stated" price can be only the 250K I'm receiving from seller, or what ways exist for accomplishing that. Thanks!
‎June 4, 2019
12:48 PM