Sold Primary Home on Land Sales a Contract

Sold Primary Home on Land Sales a Contract

Investor · Lynchburg , VA · Member since 2015 · 82 posts · 9 votes
I sold my home after purchasing another home on a land sales contract to a family member. The home will stay in my name until the property is paid in full. From a tax stand point how is this done? Do I just file the interest each year on my taxes?
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  • Dawn AnastasiPro Member
    Rental Property Investor · Milwaukee, WI · Member since 2013 · 6k+ posts · 4k+ votes
    11y

    @Duane Hundley

    Yes you absolutely have to report interest on your tax returns each year.  Do you have an accountant that can help you out with this?

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