All Forum Posts by: Jay Turf

Thanks Dave!  Great information and I had no idea about the purposed change from 2/5 to 5/8 years.  

Hello!  I have been living in primary residence over two years.  I've had a hard time selling it and considering holding a note for the buyer.  My question is what are the tax ramifications of doing this?  I would hope it would be no tax on the principle portion of the sale and regular tax of the intrest.  I'm hoping someone that is way more tax save than me can help out.

Just to help clarify I will do an example.....I bought the home for 200k. Selling the home for a purchase price of 300k.  Holding the note for 10 years at 5%.  So would I get to get the 300k paid to me tax free over 10 years and taxed on the intrest part only?

Many thanks for reading!