Owners/payors were at the end of their ropes and just became 2 months behind on lot rent and 1 month for to me. After reviewing the law and how much a attorney would cost, I decided the easiest thing to do was to offer to buy it for back lot-rent and “what they owed.”
My question is, how much should I report the sales price? Obviously not for what remains on the note as this is basically a glorified repo, but I believe I should at least report the 2 months rent. I don’t want to raise too many eye brows at the courthouse tomorrow, but I also don’t want to pay too much excise tax for nothing.
Any opinions? Good news is I will now have a home to sell that I have nothing into for the price of a little rent, a moving truck, and perhaps a little kilz to cleanup the cigarette smell.