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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
Experience:  10 years experience
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In 2014 tax year, took back a residential property that we

Customer Question

in 2014 tax year, took back a residential property that we sold and was owner financing. Sold the property in 2008 tax year and now have rehab it and resold it in 2015. We elected to report our total gain in 2008 as a capital gain rather than on the installment sale election. How is this transaction handled for our 2014 taxes?
Submitted: 2 years ago.
Category: Tax
Expert:  PDtax replied 2 years ago.

Hi from just answer. I'm PDtax.

Expert:  PDtax replied 2 years ago.

Repossession of real estate is involved, and depends on several factors.

I can assist, and will offer that service through our offer of additional service. Accept, and we will work through your transaction for the tax consequences.

Customer: replied 2 years ago.
this is not a "free question" situation. Sorry to have bothered you. I will contact a local tax preparer. All I need to know is which form to use. I have always been able to get my questions answered by the IRS until this year when they have discontinued that service too!