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Re: Contract for Deed
by Dale (GA)
on April 4, 2010 @13:48
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Thanks for all the advice. I am not sure that my initial inquiry was answered though. I guess that I will have to ask a CPA. I was planning on just transferring the deed to the buyer and listing myself as the lien holder. I was advised by someone to use a Contract for Deed instead, so that any foreclosure process would be easier and quicker. I wondered though if using the Contract for Deed where I retain the deed until the loan is paid off would change the status of my capital gains exemption on the appreciation of the house over the past 24 years. In other words, if all the capital gains would be tax exempt if I sold it for cash or bank financing, would all the capital gains also be tax exempt if I did owner financing and would a Contract for Deed instead of transferring title at closing make a difference?
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