Sorry, although I've bought and sold several parcels using a land contract and prepared several land contracts for clients Im NOT a CPA or Tax Professional so cant answer the tax question. However, if there are any here ???? maybe some CPA's or tax experts or gents who will Google it and give you an answer they find ???
While they were used more in the past, nowadays I advise some (not all depends on situation) clients to steer away from land contracts as there are several alternative legal options available, subject to all sorts of tax issues and income needs.
Sounds like you're on top of this and plan to consult professionals GOOD IDEA
Any legal related or electrical threads typically draw out the most responses both lay, professional as well as Google users so good luck in your sale
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Today's Featured Article - George's Fordson Major - by Anthony West (UK). This is a bit of a technical info to add on to the article about George's Major in the "A Towny Goes Plowing" article. George bought his Major from a an implement sale about 18 years ago for £200.00. There is no known history regarding its origins or what service it had done, but the following work was undertaken by Harold alone to bring it up to show standard. From the engine number, it was found that the major was produced late 19
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