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Old 08-13-2009, 12:11 PM
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AnnAnderson1015 AnnAnderson1015 is offline
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Default Re: Tax consequences of Buying a discounted Promisory Note

I am not a CPA. But my guess would be that they will ask that you report your profit from the transaction. So if you brought it for $110k and the borrower ends up payment $150k, then you have made $40k less any expenses ( lawyer's fee, etc)
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