Selling my rental (investment) on a real estate contract, what tax benefits will I still have when sold, if any?
I have a rental (investment) i'm selling on a real estate contract. Normally I am able to write off depreciation on the property and have tax benefits.
When I sell my rental on a real estate contract will I still be able to write off the interest on the loan? Or, since the buyer will technically be making my payments, do I lose tax benefits completely even though the loan stays under my name?
In conclusion this is a 2-part question, what tax benefits, if any, will I still have once it's sold and what tax benefits will the buyer have? (I told her I'd find out).
Thanks guys!!!