Using A Note As A Tax Advantage?
Recently purchased a rental property. The seller and I work out the deal with a small amount of cash to be payed by me after closing. The seller is fine with carrying a note. The sum is 800.00 and I'm trying to create a note that will allow me the greatest tax advantage . I can't seem to make the numbers work when I amortize and/or when using simple interest to create a note. Any sugestions?
Very few short term notes are amoritized. They usually state the monthly payment if there is one and the balloon date to be paid in full
Lori
[addsig]
$800 is hardly worth messing around with for a tax strategy IMHO. Spend your time and find another deal to make 5 times that amount!