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mikekreager911
March 10, 2025
Question

I sold a house that I inherited in 2023 to our son on Jan 2024 for a house. The sale was financed by us with monthly payments (no down pymt). What type of sale is this?

  • March 10, 2025
  • 1 reply
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I have interest I receive monthly and our son has interest he pays monthly along with principal.

    1 reply

    AmyC
    AmyC
    March 11, 2025

    You did an installment sale. To report the sale, see What is IRS Form 6252: Installment Sale Income. You will record the basis of the house as the value on the date of death. You must report sale to a family member.

     

    You will each report the interest on your return. You will report the interest earned on Sch B - as if you received a 1099-INT.

    Your son will report the interest in the mortgage section with your name and social as the mortgage holder.

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