you are not confused that is the remaining bal is 300,000 less down payment of 60,000
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If you give me the interest rate you are going to use and the term of the installment period I can generate an amortization schedule to be used showing principle and interest annually. In this case there may be a stated payment amount and I will need that also.This post is for discussion purposes only and should be verified with other sources before actual use.
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The sale price has to be reduced because a portion of it is interest. The total deal with interest has to equal $300,000 because the interest rate is not stated.This post is for discussion purposes only and should be verified with other sources before actual use.
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The note will be for
$240,000 with unstated interest? My thinking is that is the amount too look at for computing interest.Comment
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Yes and No... $30,000 down and $30,000 at the end of the year. The original sale date to the end of the year also involves interest on the second $30,000. ????? What was the sale date?This post is for discussion purposes only and should be verified with other sources before actual use.
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i'm totally confused now. My sales price is stated in agreement and again my 6252 and 4797 don't look right. Then I'm looking at the example in THE TAX BOOK and more confused sorry knew this was a pain from beginning that is why the person doing 1040 didn't want itComment
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Just give me the sale date. Ignor the sale price. For IRS purposes it is not the sale price.Last edited by BOB W; 01-05-2011, 11:41 PM.This post is for discussion purposes only and should be verified with other sources before actual use.
Many times I post additional info on the post, Click on "message board" for updated content.Comment
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This post is for discussion purposes only and should be verified with other sources before actual use.
Many times I post additional info on the post, Click on "message board" for updated content.Comment
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This post is for discussion purposes only and should be verified with other sources before actual use.
Many times I post additional info on the post, Click on "message board" for updated content.Comment
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Bob: I just read further here and the first installment of 60,000 is due October 1st of the next yearComment
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