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Land contract taxes
5 years ago we sold our primary home on contract... for 119,000 with 5000 down & a monthly interest rate of 6%... Today the buyer has secured financing to buy the house for 93,000... I did pay taxes on the interest collected... However, did I need too? And since this was our primary home we lived in for 15 years do we have to pay more taxes on the profit at closing?
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