Installement sale questions


B

byrdjerm

- I bought a house in June 2005. My basis=$74,196. My
mortgage is $70,200.
- I sold the house on a land contract in June 2005.
Terms were: $72,000 contract price. Interest rate 8%.
Buyer will obtain mortgage in June 2007. Total
principle payments over the life of the contract=
$1,196.42.

- Do I report the sale of this house on form 6252?
- How do I calculate the selling price?
- Do I report the interest sent to me in 2005 ($2,396)
- Do I report the interest I paid to my bank ($2,100)
 
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