[[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.TMF TaxesRoyWant to learn more about taxes and investing? Then we have a deal for you!! The Motley Fool Investment Tax Guide is now available through Fool Mart. Be the first one on your block to own this masterpiece. It'll help you with your 1998 taxes, and it's never to early to start planning for your 1999 taxes. So just click on this link (http://www.foolmart.com/market/product.asp?pfid=MF+013+I) to read more about this amazing collection of tax information. (Apologies for the shameless plug…but it is a pretty good book…if I do say so myself). In addition, if you would like to visit the Taxes FAQ (Frequently Asked Questions) area, click on http://www.fool.com/school/taxes/taxes.htm and you'll be right at the home page. Check it out. Finally, if you need to get to the IRS web site, click on http://www.irs.ustreas.gov to go directly there.
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