installment sales: Repossession of Seller Financed Property - 04/23/08 10:16 AM
A gain is recognized when property is reacquired.
The Seller, on a seller financed property,  when reacquired now has all the payments previously made by the ex-buyer plus the property back. he government says that this is now all taxable gain. This is only limited to gain already realized.
The gain upon reacquisition is equal to the cash and fair market value of the property received by the seller prior to the acquisition, less gain previously reported.
Have a good day. 
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David Spencer, Show Me real estate in Kansas City (Keller Williams Northland)

David Spencer

Show Me real estate in Kansas City

Kansas City, MO

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Keller Williams Northland

Address: 800 E Northwest Highway, Suite 200, Palatine, IL, 60074

Office: (847) 241-2200

Mobile: (630) 750-4255



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