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Financial Planning / Tax Strategies
|Subject: Capital Gain on Mortgage Payoff||Date: 12/24/2000 4:59 PM|
|Author: arlr||Number: 43349 of 120428|
In 1995 I sold a piece of commercial property I acquired in 1976.
I sold the property with a seller financed mortgage and used the gross
profit formula to pay capital gains on the sale each year.
In 2000, the buyer paid off the mortgage outstanding, leaving a residual capital gain on the sale.
Are there any special capital gain preferences on the mortgage payoff of
the residual capital gain?????
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