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Installment sale
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earnest12
Level 1
05-03-2020
12:57 PM
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My client sold real estate 1-15-15. It is reported as installment sale income. He refinanced on 6-6-19 for purchaser, but used the incorrect amount as the beginning balance, $9,000 less than the actual amount owed. If the basis stays the same as the original amount, there will be a $42,700 loss. Does the basis change?
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1 Comment 1
George4Tacks
Level 15
05-03-2020
01:05 PM
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Review https://www.law.cornell.edu/cfr/text/26/1.1001-3
The numbers in your question make absolutely no sense to me. Which software are you using?
Here's wishing you many Happy Returns
