2 years ago I sold our rental property on a land contract. I have already claimed the capital gains in past tax returns. So I am getting a monthly mortgage payment from the new owners, including their escrowed taxes at 8.5% interest. However, I still carry a loan for that property with 5% interest. How do I claim the "income" generated from the loan payment to me, but also deduct the expense of my own loan and time spent working with the owners?
