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  • Nov 21, 2007, 06:17 PM
    DJDouglass
    Installment Sale Real Property
    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
  • Nov 22, 2007, 09:20 AM
    DJDouglass
    Whoops, make that $200,000 selling price.
    DJD
  • Dec 4, 2007, 12:49 PM
    Petersgb
    Use the Installment sale form 6252 and also related form 4797

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