Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
garyrecer
New Member

Installment sale on real estate: I sold the property on a 5 year balloon and I receive monthly payments from the buyer in the amount of $792.00 per month. However, I sti

still owe Bank of America on the original mortgage and I pay them $498 per month.
I know how to report the income, but how do I deduct the $498 per month that I am paying to B of A?
1 Reply
hj6569nyc
New Member

Installment sale on real estate: I sold the property on a 5 year balloon and I receive monthly payments from the buyer in the amount of $792.00 per month. However, I sti

The $498 should be taken off  as a business expense and not included as income. Try using quick books as your accounting software.
Dynamic AdsDynamic Ads
Privacy Settings
v