Accomacktax
Level 2
yesterday
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I have a client who had an installment sale. The purchaser defaulted halfway through 2024, and we reported the interest and principal in 2024, which was paid to the owner. The owner then resold the property in 2025. How do I show that new sale?
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IRonMaN
Level 15
yesterday
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First you have to determine the new basis of the property. The new basis gets calculated partially based on how much has been collected to date. Do a Google search for determining basis of repossessed property.
Slava Ukraini!
