Re: Contract for Deed - Landlord Forum thread 199706

Re: Contract for Deed by Anonymous on April 3, 2010 @23:00

I already asked my CPA whether me self financing the house would be considered a sale and therefore make my capital gains on the house exempt. She said that it would and that if I foreclosed on the house that my basis would be raised to the sale price that it sold for and not my original basis. I just learned about this Contract for Deed agreement today and have not contacted any lawyer or CPA because of the Easter weekend. I just wondered if this type contract would not allow the capital gains to be considered exempt due to the seller (owner) holding the deed until the house is paid off or refinanced.

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