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Tax Question For Selling A Discounted 1st Mortgage Note

francbee1 profile photo
  • Thursday, October 21, 2004 @ 04:25 AM EDT
  • 3 Comments
Contemplating owner financing a 1st mortgage of $90,000 with a 5yr balloon. And then selling the note for $ 60,000. Are the capital gains calculated on the net gain using the $ 60k ?!?
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  • myfrogger
    myfrogger20th October, 2004
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    bump

  • francbee1
    francbee120th October, 2004
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    what does bump mean ?

  • myfrogger
    myfrogger21st October, 2004
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    it bumps the question back on the "hot topics list" to try to get more people to respond.

    I think this is a great question that I'd also like to know the answer to.

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