This house was a rental property since 08/2007. Adjusted basis is $232,187 she sold it on a real estate contract in 02/2011 for 214,000 down pmt of 7,000 bal 207,000. The contract states the buyer pays monthly installments of $1,053.67 4.54% interest and in addition $296.33 per month for property taxes and hazard ins. The monthly BOA payment is 1673.00 which escrow agent will accept all amounts paid in accordance with this contract. Thus the buyer pays 1,350 a month and my client (seller) $324 per month. The escrow co gave a statement with $8680.27 paid interest from 02/11 thru 12/11. My client's 1098 mortgage statement is in the amt of $13,284 (which includes 1 mo interest on sch E). We have tossed this around and have clients with the interest expense is less than the interest income but this is not the case so wondering what thoughts are out there for numbers on sch B and sch A. Thanks.
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Not sure what is happening here. ST & myself posted very detailed answers to this question yesterday. They all appear to be missing. ????? OK. Apparently a duplicate post in error?Last edited by Burke; 02-17-2012, 01:26 PM.
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