topic Self financed lot which I repossessed because of buyers death in Investors & landlords https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/self-financed-lot-which-i-repossessed-because-of-buyers-death/01/1695806#M55467 <P>I self-financed a lot at 10 years which I end up repossessing it after the 4th year because of buyers death.</P><P>The sales price was $38K at 9% interest with $5K down in 2015.&nbsp;&nbsp;</P><P>&nbsp;</P><P>After a year of not receiving payments, t<SPAN>he lot was inherited by his son who didn't want it. , I took the lot back using a Deed in Lieu of Foreclosure in 2018.&nbsp;&nbsp;</SPAN>I sold it in 2019 for $28K.</P><P>&nbsp;</P><P>1. How do I file the Deed in Lieu in 2018, which IRS forms are needed?</P><P>2. What Tax forms should I file for the sale of the Lot at a loss in 2019?</P><P>&nbsp;</P><P>* I'm using Turbotax Home and Business, 2017, 2018, 2019.&nbsp;</P><P>&nbsp;</P> Mon, 20 Jul 2020 14:25:32 GMT mauri201 2020-07-20T14:25:32Z Self financed lot which I repossessed because of buyers death https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/self-financed-lot-which-i-repossessed-because-of-buyers-death/01/1695806#M55467 <P>I self-financed a lot at 10 years which I end up repossessing it after the 4th year because of buyers death.</P><P>The sales price was $38K at 9% interest with $5K down in 2015.&nbsp;&nbsp;</P><P>&nbsp;</P><P>After a year of not receiving payments, t<SPAN>he lot was inherited by his son who didn't want it. , I took the lot back using a Deed in Lieu of Foreclosure in 2018.&nbsp;&nbsp;</SPAN>I sold it in 2019 for $28K.</P><P>&nbsp;</P><P>1. How do I file the Deed in Lieu in 2018, which IRS forms are needed?</P><P>2. What Tax forms should I file for the sale of the Lot at a loss in 2019?</P><P>&nbsp;</P><P>* I'm using Turbotax Home and Business, 2017, 2018, 2019.&nbsp;</P><P>&nbsp;</P> Mon, 20 Jul 2020 14:25:32 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/self-financed-lot-which-i-repossessed-because-of-buyers-death/01/1695806#M55467 mauri201 2020-07-20T14:25:32Z Re: Self financed lot which I repossessed because of buyers death https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-self-financed-lot-which-i-repossessed-because-of-buyers-death/01/1695833#M55471 <P>You should review the information in the IRS publication at the link below.</P> <P>&nbsp;</P> <P><A href="https://www.irs.gov/publications/p537#en_US_2019_publink1000221735" target="_blank">https://www.irs.gov/publications/p537#en_US_2019_publink1000221735</A></P> <P>&nbsp;</P> <P>You should also seek professional tax and legal guidance for this matter.</P> <P>&nbsp;</P> <P>&nbsp;</P> <P><EM><SPAN class="inlinep">Your gain on repossession is the difference between the following amounts. </SPAN></EM></P> <DIV class="itemizedlist"> <UL class="itemizedlist"> <LI class="listitem"> <P><EM><SPAN class="inlinep">The total payments received, or considered received, on the sale.</SPAN></EM></P> </LI> <LI class="listitem"> <P><EM><SPAN class="inlinep">The total gain already reported as income.</SPAN></EM></P> </LI> </UL> <P>&nbsp;</P> <P><SPAN class="inlinep">Also, any deed that you obtained from the repossession needs to be filed with your local county recorder's office, county clerk, or equivalent authority.&nbsp;</SPAN></P> </DIV> Mon, 20 Jul 2020 14:57:16 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-self-financed-lot-which-i-repossessed-because-of-buyers-death/01/1695833#M55471 tagteam 2020-07-20T14:57:16Z
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topic Self financed lot which I repossessed because of buyers death in Investors & landlords
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<P>I self-financed a lot at 10 years which I end up repossessing it after the 4th year because of buyers death.</P><P>The sales price was $38K at 9% interest with $5K down in 2015.&nbsp;&nbsp;</P><P>&nbsp;</P><P>After a year of not receiving payments, t<SPAN>he lot was inherited by his son who didn't want it. , I took the lot back using a Deed in Lieu of Foreclosure in 2018.&nbsp;&nbsp;</SPAN>I sold it in 2019 for $28K.</P><P>&nbsp;</P><P>1. How do I file the Deed in Lieu in 2018, which IRS forms are needed?</P><P>2. What Tax forms should I file for the sale of the Lot at a loss in 2019?</P><P>&nbsp;</P><P>* I'm using Turbotax Home and Business, 2017, 2018, 2019.&nbsp;</P><P>&nbsp;</P>
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Self financed lot which I repossessed because of buyers death
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https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/self-financed-lot-which-i-repossessed-because-of-buyers-death/01/1695806#M55467
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<P>I self-financed a lot at 10 years which I end up repossessing it after the 4th year because of buyers death.</P><P>The sales price was $38K at 9% interest with $5K down in 2015.&nbsp;&nbsp;</P><P>&nbsp;</P><P>After a year of not receiving payments, t<SPAN>he lot was inherited by his son who didn't want it. , I took the lot back using a Deed in Lieu of Foreclosure in 2018.&nbsp;&nbsp;</SPAN>I sold it in 2019 for $28K.</P><P>&nbsp;</P><P>1. How do I file the Deed in Lieu in 2018, which IRS forms are needed?</P><P>2. What Tax forms should I file for the sale of the Lot at a loss in 2019?</P><P>&nbsp;</P><P>* I'm using Turbotax Home and Business, 2017, 2018, 2019.&nbsp;</P><P>&nbsp;</P>
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Re: Self financed lot which I repossessed because of buyers death
</title>
<link>
https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-self-financed-lot-which-i-repossessed-because-of-buyers-death/01/1695833#M55471
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<P>You should review the information in the IRS publication at the link below.</P> <P>&nbsp;</P> <P><A href="https://www.irs.gov/publications/p537#en_US_2019_publink1000221735" target="_blank">https://www.irs.gov/publications/p537#en_US_2019_publink1000221735</A></P> <P>&nbsp;</P> <P>You should also seek professional tax and legal guidance for this matter.</P> <P>&nbsp;</P> <P>&nbsp;</P> <P><EM><SPAN class="inlinep">Your gain on repossession is the difference between the following amounts. </SPAN></EM></P> <DIV class="itemizedlist"> <UL class="itemizedlist"> <LI class="listitem"> <P><EM><SPAN class="inlinep">The total payments received, or considered received, on the sale.</SPAN></EM></P> </LI> <LI class="listitem"> <P><EM><SPAN class="inlinep">The total gain already reported as income.</SPAN></EM></P> </LI> </UL> <P>&nbsp;</P> <P><SPAN class="inlinep">Also, any deed that you obtained from the repossession needs to be filed with your local county recorder's office, county clerk, or equivalent authority.&nbsp;</SPAN></P> </DIV>
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