Posted: 1/25/2012 3:27:59 PM EDT
|
If I sell my primary residence. I don't pay taxes on the profit (joint under 500k)
But if i owner finance and the buyer pays me monthly mortgage, does that count as taxable income at my current tax bracket? |
|
I believe the interest you charge on the mortgage would be income, and the gain gets spread over the lifetime of the payments. (Not a CPA) Edited to add - you are in Texas, which is a non-recourse state. This has far greater risk if your buyer stops paying and you have to foreclose. |