Lex825
New Member

If I owner finance a rental property that has a cost basis of 37k and depreciation of 17k and finance at 34k at 8% for 120 months and how will this effect my 2016 taxes?

 

Investors & landlords

The depreciation is recaptured in the year of sale capped at a 25% tax rate then the cap gain can be deferred using the installment sale option and you will have annual interest income to report on the Sch B ... make sure to get the buyer's SS# for that entry. 

http://thismatter.com/money/tax/installment-sales.htm



For how to enter it see the answer here :  https://ttlc.intuit.com/questions/3062029-i-sold-my-rental-property-with-an-installment-sale-how-do-...

Carl
Level 15

Investors & landlords

This was posted over 3 years ago. Therefore, this response is just for the purpose of removing it from the unanswered questions queue.

Investors & landlords

it shows it was posted 3 weeks ago, are the dates all screwed up with the move?

♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪

Investors & landlords


@Lisa995 wrote:

it shows it was posted 3 weeks ago, are the dates all screwed up with the move?


Yes, and, believe it or not, some were even answered in AXC but the answers did not transfer to this board.