I tried to contact my CPA, but he is on vacation. Since I dont know where else to get information, I thought I try here. If I bought a house for $100,000 and sold it for $150,000 and financed it, how do I report the profit on my income tax. I know I have to report the interest I get each year from the payment, but how do I go about reporting the $50,000 I made on the house?
