Seller carry-back on property sale - how to report on taxes?
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I have a situation where I sold a property but took on a "seller note" to carry some of the purchase price. How do I report this on my taxes? Interest income for the interest paid to me and Investment expense deduction for the interest I paid on the note I am still paying for the property? OR can I net the two and only report the net as interest income (more advantageous, but not sure if its right). Thank you.
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Answer:
The interest you receive is listed AS IS on schedule B. Include the name and SSN of the person paying you. The interest you paid is an investment interest expense and goes first to form 4952, then to schedule A.
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