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Would a promissory note (PN) signed in the sale of real estate be considered unearned income by the financier and shown as a current liability? How should the PN be classified in the Assets and Liabilities of the estate of the financier?
We are looking at two different puppies here.An Income Statement, and a Balance Sheet.Let’s look at the Balance Sheet first.If you are the Payee on a Promissory Note, that Promissory Note is shown as an Asset on your Balance Sheet.Now let’s look at the Income Statement (and resultant tax return).A Promissory Note is neither earned income or unearned income. The note itself is not the focus, the income is the focus.If you sold real estate and received some cash and a Promissory Note for the remainder, here is what you do.You report the transaction on your Income Tax Return as an Installment Sale.The income will be taxed as Capital Gains (and some interest income).The amount of income reported in the year of the sale is the total cash received and the total payments received in the first year - but only the portion of the payment that represents the principal, and only the percentage of the principal that represents the Capital Gains.The interest portion of the payments received is reported on Schedule B Interest Income.Each year after the year of sale, you break down the payments received into principal and interest. You report the interest on Schedule B as “Installment Note Interest,” and you report the Capital Gains percentage of the principal received on Form 6252 Installment Sale Income.This is not nearly as complicated to do as it is to explain.I hope this helps.Michael Lantrip, Attorney | Accountant | Investorhttp://www.amazon.com/Michael-La...
What is a monetized installment sales? My real estate agent says I can sell my house in California and shelter all the capital gains for 30 years. My own CPA is a bit suspicious? The IRS Section is 453.
CPA is just a bit suspicious? You’ll have to report installment income. How much your tax liability will be, can be predicted, but not known.Here is a slice from Wikpedia’s entry: “If the taxpayer disposes of property in an installment sale, he or she reports a portion of the gain at the time of receipt of each installment payment. Income from an installment sale is generally reported on IRS Form 6252, Installment Sale Income, to be included in the taxpayer's Federal income tax return for each year in which a payment is received.”The only way I could see this working to avoid tax on all capital gain is if your gross income, including capital gain, for all years that you receive principal interest payments is too low to ever be taxed.If your income is low, but not that low, you might still benefit from the profit portion of the installment income being taxed at a lower marginal rate than capital gain rate because it is spread out over years rather than in a single year.Laws, regulations, and/or tax rates could change in future years.I’m just a taxpayer, private mortgage lender, and Realtor. This opinion is written for entertainment and erudition purposes. Do not act on my advice. I defer to your CPA.
How many [math]4[/math] digit ATM PINs can be formed with [math]9[/math] digits?
For 9 - digits, number of possible combinations = 9*9*9*9 = 6561So, number of 4-digit ATM PINs generated with 9 different digits = 6561But, I would not consider every possible combination as a potential ATM PINSo, while answering this question I have assumed the following two points:1. ATM pins are generated for security and to avoid misuse2. It is advised that we do not keep a sequence like 1111, 1234 , 4321 etc.Solution:We have 9 digits, say 1, 2, 3, 4, 5, 6, 7, 8 and 9.Now according to our pre-requisite we cannot have numbers like 1111, 1234, 4321.Total number of such type of arrangements = 9 + 6 + 6 = 21I would also like to avoid sequences like xxxy and yxxxSo total number of such arrangements = 9*8 + 9*8 = 144also sequences like xxyy and yyxxSo total number of such arrangements = 9*8 + 9*8 = 144Total number of arrangements possible using 9 digits = 9*9*9*9 = 9^4 = 6561number of undesirable arrangements = 21 + 144 + 144 = 309Thus, number of potential ATM PINs = 6561 - 309 = 6252 (Answer)From these arrangement if you like you can subtract your DOB, your parents' DOB, you GF's DOB, and all such possible arrangements related to you that you feel others can guess.But, use such arrangement that atleast you can remember easily.
Which are the pilgrim destinations in Uttarakhand? What is a complete list of temples, etc. in Uttarakhand for seekers to visit?
If you are a spiritual person and you are in Uttarakhand; then you are at the right place. There are many pilgrims destinations in Uttarakhand. Lets start from one of the most holy place Haridwar.The places you can visit in Haridwar are Har-ki-pauri, Daksh mandir, Chandi-Devi Temple, Mansa devi temple, Shanti Kunj.In Rishikesh you can visit Bharat Mata mandir, Parmarth Niketan.You can see Panch Prayag ( Devprayag, Rudrprayag, Karnaprayag, Nandaprayag, & Vishnuprayag)Chardham ( or Chota Chardham) Yamnotri, Gangotri, Kedarnath, Badrinath.Panch Kedar- Kedarnath (Bull’s Hump), Tungnath(arms), Rudrnath(face), Madhmaheshwar( Navel), Kalpeshwar( hair and head),Panch Badri: Badrinath, Yogdhayan Badri, Bhavishya Badri, Vridh Badri, Adibadri.Winter Chardham —(All the Char Dham deities are worshiped at their nearby wintery sojourns namely Ukhimath, Joshimath, Mukhba and Kharsali for the deities of Kedarnath, Badrinath, Gangotri and Yamunotri respectively. The gates to all these winter Dhams will remain open for devotees making the Char Dham Yatra a year long affair.): —• In winters Lord Kedarnath seated in Omkareshwar temple Ukhimath ; Badrinath seated in Vasudev Temple or Narsing Temple in Joshimath( i’m confused between two temples ;-) ); Gangotri seated in Mukhba small town in Harsil; and Yamnotri seated in Shani Dev Temple in Kharsali.Nainital- Naina Devi Temple, Mukteshwar(shiv Temple) in Mukteshwar Town;Almora :- Binsar Mahadev Temple, Katarmal Sun Temple, Kasar Devi, Nanda Devi Temple, Jageshwar Temple, Chitai Golu Dev Temple.Pithoragarh : Patal Bhwaneshwar in Pithoragarh (more…)e.t.c.There are many more temples in Uttarakhand. Hope this answer is helpful for your first visit in Uttarakhand. Read this complete article here.To know more about pilgrim places in Uttarakhand you can visit this web site Bizarexpedition and to know more about Almora and Haridwar visit my blog search shining Shikari in google or click this Shining Shikari.;"";""
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