All Forum Posts by: John Michael

It's on the west side near Harrison and Montana.

Yes, Cincinnati...Westside.  I have met with the Board of Revisions to get the tax basis reduced for the past, current and next year.  I'm not sure how long the tax rate will stay low.  I have the forms for tax abatement from the City, but have not started those (should have been done before this started).

I am looking for a local CPA. To clarify a bit.  I did put the property on the market for $275k  and have an offer of $230k.  Less commissions and closing costs, net is around $212k.  If I'm right about paying no tax on a land contract for an amount exactly what I paid plus all improvements, then I'd rather do that than take the hit on the sale.  I only have this weekend to really make a decision...to say no to the lower offer.  The land contact can wait a few weeks until I talk to a CPA, but I just wanted an idea.  Thanks

i am a retired teacher.  I use Turbo Tax. In January 2016, I purchased a four family apartment building here in Cincinnati for $100k.  It was completely rehabbed with an additional  $150k.  The total investment of $250k came from my savings.  The original idea was to fix up the units and rent them, but I have abandoned that idea.  The contractor who did most of the work has approached me with the idea of  selling the building to him on a land contract.  If I sold him the building on a land contract for $250k, which is exactly what I have in it, on a 15 year payout, am I correct that the sale would result in a wash, no earnings to be taxed on, and the only taxes I will pay will be on the interest portion of the monthly payments for the next 15 years.  And if he refinances  at a later date and pays off the contract, that sale would not be subject to any taxes  since it was listed for this tax year.  Seems simple enough to me, but with the IRS I'm not quite sure.  Thanks for any help.