wholesale question

[ruready]

I just bought a fc 20,000. I have sold it for 42,500. I am only getting 20% down and owner financing for 3 years and then a balloon payment.

Will I pay taxes in Jan for the whole 22,300 profit or will I only have to pay taxes on the downpayment and one monthly payment when I do my taxes?

Thanks sooooo much

[slondeau]

I think this is more a question for the tax advice, legal, asset protection forum.

I’m not an expert, but I believe you will only pay taxes on the monies you actually collected.

[hassansr]

@ruready post:1

I just bought a fc 20,000. I have sold it for 42,500. I am only getting 20% down and owner financing for 3 years and then a balloon payment.

Will I pay taxes in Jan for the whole 22,300 profit or will I only have to pay taxes on the downpayment and one monthly payment when I do my taxes?

Thanks sooooo much

Taxes are due only on cash recieved. Check with CPA