NOW WHAT HAPPENS? - Posted by DAN

import · July 10, 2001, 3:58pm

Posted by dan on July 15, 2001 at 11:17:03:

THANKS. I WILL TALK TO THE CPA

import · July 10, 2001, 3:58pm

Posted by DAN on July 10, 2001 at 15:58:51:

What are the tax implications when re-selling. That is selling a home that I have already sold once, but had to repossess. Would I pay tax on the full purchase price if I have already recovered my investment?

import · July 15, 2001, 5:44am

Re: NOW WHAT HAPPENS? - Posted by Ernest Tew

Posted by Ernest Tew on July 15, 2001 at 05:44:53:

Keep in mind that your “tax basis” and the cash you have paid and received may involve two entirely separate sets of figures. If you have already paid taxes on the gain from the first sale, your tax basis may be the balance due when you got the home back. If so, you will be taxed on the resale only if you net more than the current tax basis.

Obviously, it gets a little complicated. You should talk to a CPA about it and get them to figure the taxes for you.