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[[I own 3 condo units and want to sell them but my cpa tells me I will have to pay
aprox$10000 in gains even tho I am selling at a loss.]]

It sounds like you have been depreciating the properties for quite a while, and what you are really receiving is the "gain" on the depreciation recapture.

[[ If I sell and hold the
finanacing are all gains due at time of sale or is it spread out over the time you
are getting the income from holding the note.]]

It is generally spread out...but that will depend upon the type of depreciation that you took on the property. It's called the installment method of making your sale, and your tax pro should know all about it. You might want to bring the installment sale mehtod up to your tax pro and see what s/he has to say.

[[ This could be a problem as you
don't get much cash upfront.]]

It could be, but it's likely that your gain will simply be spread over the life of the note.

You can read more about installment sales in IRS Publication 537.

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