Welcome Guest. Register Now!  

LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 10-15-2008, 05:12 PM
Junior Member
Join Date: Oct 2008
Posts: 1
seller held mortgage- how to handle settlement

Hello, I held a private mortgage for my home in NY for the new buyers so they could buy the house, due to tough selling market about 12 years ago.
At the time of closing there was no transfer of money and it ending up costing me the real estate/legal fees out of my own pocket with only a very small downpayment.
I have since then moved to NJ and bought my primary residence and have paid the appropriate taxes on interest income over the years from the mortgage I provided.
In Feb of this year the buyer refinanced the mortage with a company and I got a settlement of the balance.
How do I treat this amount on my tax returns and what areas would quailify for deductions? thanks for any help you can give.

Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
What is Reverse Mortgage? disa Miscellaneous 0 08-19-2008 09:40 AM
IRS explains tax rules on foreclosures and mortgage forgiveness! TaxGuru For 2008 0 07-22-2008 12:23 PM
New Tax Law Changes for 2007-Mortgage Insurance Premiums are deductible! TaxGuru Itemized Deductions 0 03-16-2008 11:29 PM
Mortgage Interest Deductions - Married Filing Separate ajbarrick Itemized Deductions 1 03-13-2008 10:04 PM
Are the Mortgage Insurance Premiums paid deductible in Tax Year 2007? TaxGuru General 0 02-25-2008 11:01 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 » Income
 » IRA/Sep
 » Medical
 » Payroll
Forum for CPAs
Financial Planning

» Recent Tax Q&A
No Threads to Display.