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?
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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?

 
4 Replies
Level 15

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?

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-...

Level 15

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?

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

Level 12

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?

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

♪♫•*¨*•.¸¸♥Lisa♥ ¸¸.•*¨*•♫♪
Level 15

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?


@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.

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