Posted by Anne_ND on September 04, 2003 at 11:04:51:
This is an excellent point, one that I have not yet dealt with. I’ve been planning to have the IRS discount the notes I get to reduce the tax (per Hyre’s course), but have yet to deal with how to do that.
Very naive question: is there a very general formula of how much money to set aside for taxes either per home (assuming most houses sell for around $10K on a note) or per $1K per note? Feel free to answer with ‘it all depends, check with your CPA!’