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Old 02-25-2004, 05:38 PM
DMT_777
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capital gain on sale of property by land contract

What is the name of your state? Michigan,
I sold a house on a ten year land contract. The total capital gain will be about 10K when I get all the money. (ten years down the road) When is the capital gain tax due? Now or after I have recovered my costs?
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Old 02-26-2004, 05:27 AM
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Location: Washington
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If you follow Form 6252, Installment Sales, you will see that the money you receive each year is divided between interest, capital gains, and return of principal. You should probably hire a tax pro with some experience in this area to get things set up properly the first year.
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