If I own a rental property that I'm currently not living in and want to sell it, I'm going to realize substantial long term capital gains (it would be 20% plus whatever my state cap gain, right?). If I sell the home as a seller financed home, how does that work for tax purposes? Do I not get the capital gain, and just report the rental interest each year? I guess I might have to report the principal paid to me as capital gain somehow.
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