October 2012
Beginner
784 pages
45h 24m
English
Content preview from J.K. Lasser's Your Income Tax 2013: For Preparing Your 2012 Tax Return
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5.27 Minimum Interest on Deferred Payment Sales
The tax law requires a minimum amount of interest to be charged on deferred payment sales. The rules for imputing interest on sales are discussed in 4.32. Imputed interest is included in the taxable income of the seller. Imputed interest is deductible by the buyer if the property is business or investment property, but not if it is used substantially all the time for personal purposes.
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Charging Minimum Interest
If you do not charge a minimum interest rate, the IRS may do so. This would require you and the buyer to treat part of the purchase price as interest.
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