09-06-2016 12:30 PM
capital gains tax
I just met with an accountant and I can avoid capital gains tax entirely on a land sale if I take the payments over ten years instead of a lump sum. My question is what happens if the buyer gets killed in a car accident a year from now? Have I lost my land AND the payments? Or what if he just doesn't have the money to make a payment?
09-07-2016 07:58 AM
Re: capital gains tax
You`d end up with the land back if they didn`t fill their end of the contract. But make dang sure you have a lawyer writting this up.