SC tax related question?

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i sold my house this year on a rent-to-own agreement. this is an agreement that stands for two years, being that he is paying my mortgage till he picks up the loan in two years.

ive moved into an apartment till the market gets better,

he gets a credit of the monthly payment to escrow, which i will give to him when he goes for the loan, is any of this counted as income, and if so, would this hurt my refund

please answer tax professionals only.

2 Comments
  1. Reply
    Brylee
    May 14, 2011 at 2:27 am

    here is an excellent resource, I think you will find answer to your question in here: http://Various-business.notlong.com/AArK2iw

  2. Reply
    JK Harris
    May 14, 2011 at 2:46 am

    Based on this information, I have to assume that you still own the home as you are still on the mortgage loan. You have technically leased your home for 2 years and the tenant has the option of purchasing the property. The house in question is now a rental property and all income/allowable expenses should be reported on Schedule E. It is difficult to say how this will affect a refund without all your income/dependent and deduction information. I suggest you contact a professional Tax preparer for further assistance.

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