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March 4, 2022
Question

Sale of family farm partnership

  • March 4, 2022
  • 1 reply
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Last year we sold our 25% interest in the family farm to the other partners. This was done with a down payment and a 10 year mortgage at 2@ interest. Because we had a loss on the sale of asset it doesn't appear that we can use installment sale portion of tax form. 

Where do we report the interest we received on the finance sale?

    1 reply

    March 5, 2022

    Just report the interest you receive for your farm sale as regular interest (as if you had a 1099-Int).

     

    Click this link for more info on Installment Sales.

     

    Here's How to Report Interest Income.