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Have a question on capital gain on real estate. What is the…

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Have a question on capital gain on real estate. What is the cost of this service?

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Answered in 1 minute by:
2/16/2018
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,231
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Hey! I'm Carter, I'm a CPA. What's your question.

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Customer reply replied 4 months ago
I sold real estate on contract (carrying contract) in 2017, term 3 years. When fully paid there will be a capital gain but I only received down payment and several months payments in 2017. What part of this is capital gain for 2017? Of course, full gain will not be realized for a couple more years. I normally do my own taxes. What forms do I fill out to go with 1040?
Customer reply replied 4 months ago
Just reply this way will be fine.

This is considered an installment sale. You'll need to fill out Form 6252 to calculate how much of the gain will be record in 2017. That form is here:

https://www.irs.gov/pub/irs-pdf/f6252.pdf

It''s pretty easy. You'll only need to worry about Parts 1 and 2.

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Customer reply replied 4 months ago
Ok, so I would only be paying taxes on amounts received in 2017.

Yes, and only on a portion. The gain is basically allocated based on how much you receive each year.

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Customer reply replied 4 months ago
OK, I'll go with that. So my total charge today is $46?

You'd have to check with customer service, I can refer you if you'd like.

If you don't need anything else from me, please leave a rating so I get credit with helping you out. Thanks!

Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,231
Experience: Adjunct Professor
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Carter McBride and 87 other Tax Specialists are ready to help you
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Customer reply replied 4 months ago
refer me to customer service. I'll do rating now.
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