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I have been holding a small mortgage years with a relative.

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i have been holding a...
i have been holding a small mortgage for 12 years with a relative. It was a 25 year mortgage, with a no pre pay for 12 years. 12 years is up. they want to pay it off. my share is 325k i will get hit with 30% taxes plus unless there is a way to get aroud it?
There is no unified tax credit left, the building was given to us by our deceased father. We sold it 12 years ago for 1 million, 650k remains in principle. We were set up as an S corp, no reason for that now, there was in the past. The mortgage has paid the S corp and the s corp distributes the $ to us monthly
Submitted: 2 years ago.Category: Tax
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Answered in 51 minutes by:
8/7/2015
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 2 years ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4,775
Experience: 35 years tax experience, including four years at a Big 4 firm.
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Hi from just answer. I'm PDtax, and will assist.

If you sold the s shares after inheritance, wouldn't you have a step up in basis? Does that eliminate the gain?

If that answers your question, positive feedback is appreciated. I'm PDtax.

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