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Donna
New Member

tax question to determine amount of income to report

Have have UCC balance for Class I property and Class 2

UCC for class I $236.399

UCC for Class 2  $ 130,307

During 2018 they were upgrade to the two properties

would require 40,000 for propery 1 and 60,000 for propery 2

As a result decided to inprove property 2 and sold it for $488, 000

Fair market value for land was 120,000 and building 328,00 0

plus interest at 10% computed semi annually

there were combined payments received in June 2018 and september 2018 for 11,233 each and December 2018 through May 2018 inclusive will be 10,733 each. How do I determine what to report for 2018 income?

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Community Manager
Community Manager

Re: tax question to determine amount of income to report

Anything you can contribute here @itonewbie ?

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