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NW Ohio | Each year's payment of the land contract would be broken down into capital gains and interest income. The cap. gains should be figured as if the entire amount was received in one year and then only subjected to tax on the percentage of what the actual principle payment was. At least this is the way it used to be.......not sure if they have changed the rules.......The IRS likes to do that from time to time. | |
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Rent to Own
