Question

Sold my house on a contract

Forum|Forum|1 year ago
May 9, 2024
3 replies
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I sold my home on a contract I lived in for 9yrs it had no mortgage on it .

Now it's paid in full by the buyers and I'm told I have to fill out a w-9 for IRS by attorney that's drawing up new deed for buyer ? it was only 50.000 over 9 yrs of monthly payments I'll be 60 in June how will this effect me?

Not A Product Question

O

Opus 17

Employee

Not sure what you mean by "on contract." When did you actually sell the house? (when did you close, when did the deed transfer?) You held a mortgage? You received monthly payments from the buyer, with interest and principal? At one point you say you lived in the house 9 years, and at another point you say you received 9 years of payment, this is confusing.

when did you buy the home and how much did you pay? When did you sell the home and what was the selling price?

M

Mike9241

Did you report the interest as income for each year received?

Hal_Al

Employee

Q. how will this effect me?

A. Filling out the W-9 may lead to you receiving a form 1099-S, at closing. This will probably report the sale amount. You will report that on your tax return. But you will claim the home sale capital gain exclusion, so no tax will be due.