Are installment payments received on sale of vehicle part
Posted: Fri May 21, 2010 5:53 pm
charset="windows-1251"
Yes, included.
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale, CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal
Specialization.
Mark J. Markus
Sent: Friday, May 21, 2010 5:43 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Are installment payments received on sale of vehicle part
of CMI?
Debtor sold his car to his parents who have been paying down the balance
by making the debtor's mortgage payments over the past 6 months. Are
these payments received includable in the debtor's CMI? I'm sure
there's no capital gain since the purchase price was far more than the
sales price, so maybe this isn't considered income at all and
technically the debtor isn't RECEIVING the income....
Thoughts?
*************************
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
This Firm is a Qualified Federal Debt Relief Agency (see what this means at
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