Claiming Seller Financed Commercial Property on Taxes

Real Estate Investor · Johnson City, TN · Member since 2015 · 7 posts · 1 vote

If you purchase a property through seller financing, do you have to claim it on your taxes if no income? I assume not. If the property is in very bad shape, but you technically don't have the deed, can you claim it as a loss?

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Ashish AcharyaBusiness Member
CPA, CFP®, PFS · Sarasota, FL · Member since 2017 · 5k+ posts · 3k+ votes
8y
@Ashley White , you dont claim any income or loss when you purchase a property ( weather or not seller financing, the seller should be worried about the gain).
You are buying a property right, not selling it?
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Ashley White
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Real Estate Investor · Johnson City, TN · Member since 2015 · 7 posts · 1 vote
8y
Right
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Ashley White
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Real Estate Investor · Johnson City, TN · Member since 2015 · 7 posts · 1 vote
8y
Well after holding it for a year.
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