Can a seller put in the contract of a farm installment sale that the first monies paid go toward the purchase of the home? After the home is paid for, then monies are allocated to the rest of the assets purchased?
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Sale
Is there two parcels being sold?Confucius say:
He who sits on tack is better off. -
What assets are being sold?
Is there personal property which has been depreciated?Comment
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Seller can put in contract whatever they want. State law includes jurisdiction over contracts. If your question applies to how different components of real property and tangible personal property will be taxed then you need to provide much more details concerning the transaction.Originally posted by JenMO View PostComment
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Farmer sold farm - acres, bldgs, and home. He built another home on other property. Would like to defer the home gain first then report on rest as it comes in. With other income, installment sale income creates a larger tax burden. If home could be deferred first, he'd just be better off. So, not two parcels, all in one sale and one propertyComment
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