I have a question about the taxes that must be paid on a money back deal. 1st deal done with $ 60,000 back at closing. I am not sure how much to keep out for taxes. I have been told 15 up to 30% in the state of TN.
I do plan on getting an accountant/ tax advisor, but the deal is done and need to figure out what % for taxes.
How exactually did you get cash at closing? If you borrowed more than you needed the loan proceeds are not taxable but only a loan that will need to be repaid. Once you sell the property you may have to pay taxes but not until then.
If you sold the property and made a profit then you will pay either capital gains or ordinary income tax. You should be able to figure the taxes due using a tax table to get an estimate.