Tinkertude
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- Joined
- Aug 4, 2004
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- 913
Can someone tell me if I sell a rent house and carry the note do I have to pay the cg tax up front?
Capitol gain tax
- Thread starter Tinkertude
- Start date
Cheshire Figment
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- Joined
- Jan 12, 2001
- Messages
- 38,638
Go to www.irs.gov and download Publication 537, Installment Sales, and Form 6252, Reporting An Installment Sale. The gain is spread over the life of the sale and you are only taxed each year based on the Capital Gain for that year.
Mike (CPA Retired)
Mike (CPA Retired)
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