After reading this I had questions. 1)we sold 2 rental properties together as one sale, 1 was land only connected to another with a building on it, neither had a business on it that we owned, just property 2)we are carrying/ financing the note for the new owners for 25 years so we get monthly principal and interest payments. 3) we have received the down payment but paid legal fees and commission on the sale. Really confused how this all needs to be on the taxes. Can you help?
Thanks,
Angela Amos
