Sorry, although I've bought and sold several parcels using a land contract and prepared several land contracts for clients Im NOT a CPA or Tax Professional so cant answer the tax question. However, if there are any here ???? maybe some CPA's or tax experts or gents who will Google it and give you an answer they find ???
While they were used more in the past, nowadays I advise some (not all depends on situation) clients to steer away from land contracts as there are several alternative legal options available, subject to all sorts of tax issues and income needs.
Sounds like you're on top of this and plan to consult professionals GOOD IDEA
Any legal related or electrical threads typically draw out the most responses both lay, professional as well as Google users so good luck in your sale
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Today's Featured Article - When Push Comes to Shove - by Dave Patterson. When I was a “kid” (still am to a deree) about two I guess, my parents couldn’t find me one day. They were horrified (we lived by the railroad), my mother thought the worst: "He’s been run over by a train, he’s gone forever!" Where did they find me? Perched up on the seat of the tractor. I’d probably plowed about 3000 acres (in my head anyway) by the time they found me. This is where my love for tractors started and has only gotten worse in my tender 50 yrs on this “green planet”. I’m par
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