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<blockquote data-quote="CUZ" data-source="post: 499635" data-attributes="member: 4301"><p>Don't know where you're getting your tax advice, but your statement that the total of every payment is income is not completely accurate.</p><p></p><p>You show your basis and any depreciation taken on a form 6252, taking the depreciation recapture part over to the 4797 and the profit part of the payments received during the year to schedule D and the interest part of the payments to schedule B. The part of the payment that is just "your money back" is not taxed in any way.</p></blockquote><p></p>
[QUOTE="CUZ, post: 499635, member: 4301"] Don't know where you're getting your tax advice, but your statement that the total of every payment is income is not completely accurate. You show your basis and any depreciation taken on a form 6252, taking the depreciation recapture part over to the 4797 and the profit part of the payments received during the year to schedule D and the interest part of the payments to schedule B. The part of the payment that is just "your money back" is not taxed in any way. [/QUOTE]
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