If you allow a buyer to pay you partially with a second mortgage what are the taxes like?
Suppose you are selling a rental house and will hold a $26,000 private second mortgage for the buyers. Will the government tax you on this as money you received at the closing?
Even though it is just paper? Or will you pay captial gains on any amount above your basis only when you get the payments from the purchaser? Read the rest of this entry »
Tags: Mortgage Debt Consolidation, Bad Credit Mortgage, Second Mortgage Plans, Mortgage Refinance, Second Mortgages