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bub
Level 3
March 10, 2021
Question

SALE OF PERSONAL HOME ON LAND CONTRACT

  • March 10, 2021
  • 3 replies
  • 20 views

I HAVE A CLIENT WHO SOLD THEIR PERSONAL HOUSE FOR $122,000 ON A LAND CONTRACT.  DO THEY HAVE TO PAY TAXES ON PRINCIPAL AND INTEREST OR JUST THE INTEREST SINCE IT IS THEIR PERSONAL HOME THEY SOLD?

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3 replies

qbteachmt
qbteachmt
Level 15
March 10, 2021

You're thinking of the Banking, not the sale.

The Sale is evaluated for if there is reportable gain. Your taxpayer has an installment sale. Interest earned is always taxable.

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    bubAuthor
    Level 3
    March 11, 2021

    Since the Installment sale is for a personal home which is below the minimum requirement for taxes then is the only thing reportable on the installment sale the interest earned?

    sjrcpa
    sjrcpa
    Level 15
    March 11, 2021

    Yes

    The more I know the more I don’t know.
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