Dear 1031x: I had Rental Property, that I sold to my Grandson, In  California. The Sale price to him was $400,000, which he got a loan for and he paid me $300,000. with the remaining $100,000., to be paid the middle of next year. I would like to have information on how this is going to effect me financially.

 

Thank you for your help

 

Dear Gloria:  Did you do a 1031 exchange when you sold to you grandson?  If not then you will have capital gains tax both state and federal due on your gain.

Steve Hickox
Attorney / President