All Forum Posts by: Simon Martinez

So I’m looking to sell my primary residence and found a potential buyer that stated they would like to buy my home seller finance .

My question is, what are the tax implications for that . I bought it for about $80,000 and if sold it would sold for $230,000. I was looking forward to getting the tax benefit of selling my home for up to $250k tax free gain .

However my question is if I sell it seller finance it now is considered a installment sell which makes me wonder do I still get to get the full amount tax free ?

Or do I have to pay the taxes on the gain if i do the seller finance route .

So I have 12000 miles that I kept track of for going on trips to the store/to see tenants/ ect for this tax year of 2018.

My concern is is that too many miles that could trigger a audit? I have 9 rental properties that I visit from time to time and I go to Home Depot often.

I was wondering if some other rental property owners could share how many miles they have deducted in the past.

I’m not a real estate agent but I would argue that your car should be something fuel efficient since you will be doing a lot of driving around to show people homes. There are cars that are brand new 2018 models with 35+mpg that cost less then $15,000. Plus you can write off all those miles as buisness expense if you keep track of them. $0.56/mile I believe is how much of a tax deduction you get so it’s best to get something fuel efficient.

I have purchased multiple properties near Abilene tx for about $15,000 each (some of them need a lot of work, some of them are decient). However their taxes assed value are all above $50,000. So my question is, can someone provide a step by said process on how to argue a lower tax amount . Also what forms will I need to prove my case to get the taxes lowered.