Installment Sales Gone Bad
Some of your clients may sell their property on a land contract or act as a lender for the buyer. Generally, these sales go as planned, but what happens if the buyer defaults on the loan and the seller has to repossess the property? In this webinar, you will learn the basic procedures for reporting an installment sale, and how to report the repossession and potential resale of the property.
Upon completion of this course, you will be able to:
- Describe an installment sale transaction.
- Correctly report an installment sale transaction.
- Outline the implications of default on an installment sale transaction.
- Accurately report a repossession of a property sold pursuant to an installment sale transaction.
- Correctly summarize the tax implications of a later sale of repossessed property.
This webinar includes the presentation slides, exam questions, live webinar recording with review questions, and Q&A transcript. CPE is issued after exam is successfully completed.
Betty Stehman, CPA, CIA