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Updated over 5 years ago on . Most recent reply
How to report an interest-only on seller's installment sale ?
Hi all
How do I report an interest-only on installment sale? I sold a rental condo this year for $200K. Buyer put down 30% down and I carried back a note of $140K with monthly interest only. My question is Do I have to use a form 6252 Installment sale income to report interest only income to IRS and how to report to Franchise tax board monthly interest only report? Please advise. Thanks
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#5 Tax, SDIRAs & Cost Segregation Contributor
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- Atlanta, GA
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#5 Tax, SDIRAs & Cost Segregation Contributor
- Accountant
- Atlanta, GA
Most tax pros on this forum won't advise on specific scenarios that could be used by you to DIY your return because we don't know all of your facts, circumstances and goals, and because this is a public forum and we have reputation and liability exposure.
To further the conversation, I'd ask to you:
(1) Do you have a CPA? (2) If yes to #1, what does he/she say? (3) If no to #1, what do you think the correct answer is based on your research?