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    hhn982's Avatar
    hhn982 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Feb 26, 2009, 07:33 PM
    To pay tax on investment property
    I bought a land in 01-2005 for $70,000 . Put down $10,000. With 6.5% for 6yrs. Monthly pymnt. Is $1,008.56

    I sold this land for $110,000 on Dec. 08 with seller financing $60,000. After paying off my mortgage $25,419. And received a check of $21,067.

    The total interest paid $11,059, and principal $37,358 . The total property tax paid appoximately $9,000.

    I appreciate your help on how to calculate to pay federal tax.

    Sincerely,
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Apr 23, 2009, 01:24 PM
    This is a complex tax calculation which involves both capital gains calculations plus an installment sale form.

    To ask ANYONE to prepare such a return without compensation, especially in the middle of tax season, is both unfair and insulting, which is why no one reponded to your post.

    I hope you properly compensated whomever prepare your return for you.
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