DJDouglass
Nov 21, 2007, 06:17 PM
I need help re: tax forms for 2007
In 2007 I sold a piece of undeveloped real estate for $20000, initial cost was $32,500 in 1984.
I received 10, 000 down payment (expenses of sale were $4604) in 2007.
I am carrying the contract for the remaining 190,000 interest 4.86%.
I am to receive $10000/year starting in 2008 at 4.86% interest for 9 yrs with a balloon payment for final amount due in the 10th year.
I'm not sure what form(s) to use for 2007 and then for 2008 on.
I am usually able to do my own taxes on Turbo Tax but I'm on very unfamiliar ground with this transaction.
Thank you.
Donna
WA State
In 2007 I sold a piece of undeveloped real estate for $20000, initial cost was $32,500 in 1984.
I received 10, 000 down payment (expenses of sale were $4604) in 2007.
I am carrying the contract for the remaining 190,000 interest 4.86%.
I am to receive $10000/year starting in 2008 at 4.86% interest for 9 yrs with a balloon payment for final amount due in the 10th year.
I'm not sure what form(s) to use for 2007 and then for 2008 on.
I am usually able to do my own taxes on Turbo Tax but I'm on very unfamiliar ground with this transaction.
Thank you.
Donna
WA State