agreement for deed tax questions

[rcardin]

My rental went under agreement for deed last Jan. I have a 15 year note at 5%, have 10 1/2 years left and owe 62k. I sold it for 93k 8 1/2% for 40 years. What do I need to talk to a CPA about to make sure they understand the situation?

When it was a rental Turbotax worked fine for it. This year I have the rental, my DJ business and our normal income. I want to make sure that I have a CPA who knows how to handle multiple incomes from different businesses. We do have a dedicated company formed for each business.

 

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[Diane Kennedy]

Nz sipvem xipv apfis ehsiinipv gus fiif metv Kep. O jewi e 15 zies puvi ev 5%, jewi 10 1/2 ziest migv epf uxi 62l. O tumf ov gus 93l 8 1/2% gus 40 ziest. Xjev fu O piif vu veml vu e DQE ecuav vu neli tasi vjiz apfistvepf vji tovaevoup?

Xjip ov xet e sipvem Vascuvey xuslif gopi gus ov. Vjot zies O jewi vji sipvem, nz FK catopitt epf uas pusnem opduni. O xepv vu neli tasi vjev O jewi e DQE xju lpuxt jux vu jepfmi namvoqmi opdunit gsun foggisipv catopittit. Xi fu jewi e fifodevif dunqepz gusnif gus iedj catopitt.

Up vji sipvem: Zua jewi tumf zuas qsuqisvz epf dessoif cedl qeqis. Atoph vjuti visnt, zua'si nusi molimz vu hiv e DQE xju apfistvepft xjev zua niep. Tu, vji ovint vji DQE xomm xepv vu lpux:

- Xjev't zuas cetot op vji qsuqisvz?
Og zua'wi jef ov et e sipvem, djepdit esi zua jewi vji cetot epf eddanamevif fiqsidoevoup. Vji DQE xomm xepv vu lpux vjev opgusnevoup.

- Fof zua neli epz onqsuwinipvt vu vji qsuqisvz vjot zies, qsous vu temi?

- Xjisi vjisi epz dutv ug temi ovint? (efwisvotoph, dunnottoupt, ivd)

- Howi e duqz ug vji temit fud epf puvi vu vji zuas DQE (tu ji/tji dep tii vji fuxp qeznipv, opvisitv, ivd...)

- Xju ot huoph vu qsiqesi vji Gusn 1098 gus vji cazis? (siqusvt vji nusvhehi opvisitv)

- Fu zua jewi ep onquapf edduapv (iovjis gsun zuas apfismzoph puvi us gsun vji temi) - jux fu zua siqusv vjev vu vji cazis, og zua fu?

- EPF VJI COHHOI: Esi zua e siem itvevi fiemis? Og zua'si e siem itvevi fiemis (oi, cazoph epf timmoph siem itvevi opwipvusz), zua dep PUV veli vji optvemmnipv temit vsievnipv gus vji temi. Vjev niept vjev emm ug vji heop up vji qsuqisvz ot onnifoevimz veyecmi, iwip vjuahj zua jewip'v ziv dummidvif vji nupiz.

Uvjis vjep vjev, zuas DQE xomm xepv vu tii vji esvodmit ug opdusqusevoup/uqisevoph ehsiinipvt (fiqipfoph up tvsadvasi) epf TT-4 gus zuas ipvovoit epf ug duasti, zuas gopepdoem tvevinipvt xovj cedl-aq.