Posted by Dan (MD) on August 14, 2003 at 20:54:41:
You need John Hyre’s KISS guide to bookkeeping course. Here’s the address for it.
http://www.creonline.com/catalog/c-204.html
His “aggressive cash method” does exactly what you are asking, he goes through a step by step process using Quickbooks to defer the tax payments until you have the money in hand. Best $300 I’ve spent for Real Estate (well except for the thirty bucks on DOW)
Dan
taxes on sale of mobile homes - Posted by Mike
Posted by Mike on August 14, 2003 at 20:05:51:
Hi, I am looking for a way to not have to pay the taxes all in the first year on the sale of a mobile home while financing it. for example, buy for 3,000, sell for 7,000 with 500 down, carry a 6500 note. The Parks ALL require the title to be transferred into the buyer’s name. Is there a way to do this if I am actually doing a sale? I know you can try and convince the park managers to allow the lease purchase, but it would be much easier if someone in this forum has figured how how to structure these deals (like which business entity to use) and would save us all thousands of dollars in taxes? I know it doesn’t matter if you do IRA deals with Mid-Ohio/Equity Trust, but I want to do some non-IRA deals and need to figure out how to pay taxes as income is earned, not at the year of sale. Any ideas, email me at mikecoleman@cinci.rr.com Thanks! Mike