Tax consequenses of money received as seller credit back
Lets say I buy a property and write the contract with 6% seller credit back to me for repairs: As we all know this can be nice in order to finance more $ at a low rate. Well what about taxes? I assume that normally I would never have to pay taxes on this money because it is borrowed.
BUT, what if I resell the property in a very short period of time(like 1-2 weeks), will the IRS then look at the credit received as income because there clearly wasnt enough time to actually spend that money on that house before selling it.
Other than a big deposit into my bank account which may be reported to the IRS as part of homeland security protocall, how would the IRS ever know abou the money I recieve as a seller credit?
Thanks,