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?
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.
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