I carried a seller financed mortgage for a number of years. I claimed the interest on the note on my taxes. The owner sold the house . How do I claim this?
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I carried a seller financed mortgage for a number of years. I claimed the interest on the note on my taxes. The owner sold the house . How do I claim this?
I received a lump sum payout, how do I account for this on my taxes?
I carried a seller financed mortgage for a number of years. I claimed the interest on the note on my taxes. The owner sold the house . How do I claim this?
You have an Installment Sale. Ideally, you filed Form 6252 and not only reported the interest each year but also the principal. You would just make an entry for the income you received and you will close out the sale.
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