Posted by LAA on January 27, 2016 at 11:17:22 from (217.175.64.196):
In Reply to: tax help posted by ohiojim on January 27, 2016 at 10:44:16:
The good news is in an installment sale you can spread your gain out over several years and if you have owned the properties more than one year prior to sale you will be taxed at the lower long term capital gains rate, reporting the whole transaction as one should not be a problem since you sold them as a unit and can presumedly show that you sold them at or above "fair market value" for your area as long as you can account for the basis of all of the properties together along with the associated purchase and sale costs. You report installment sale proceeds/gains on IRS form 6252 and on schedule D attached to your 1040. Your actual rate will depend on your tax bracket and whether or not you have depreciation to recapture, if the properties were bought at different times and over several years the depreciation recapture calculations could get tricky unless you have priced everything in the group individually or can get an appraisal on each property and assign an individual value, if you did not depreciate the properties individually in your prior years tax returns but depreciated as a group then it will simplify the process.
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