What tax forms should I fill out for a cash out real estate deal?

What tax forms should I fill out for a cash out real estate deal?

I am selling my house worth 245k for 187k . The buyer wants to "cash out" for 50k. If he gets a loan for 237k he wants me to write him a check for 50k at closing. I take 187 (minus 157 for mortage) and he gets 50k. How do I report this so that I don't look like I profited over 80k? I will only make 30k on the deal.

Answer:
Captial Gains Tax (schuedule D), I believe. Consult a CPA or EA
fraud! watch it.

The answers post by the user, for information only, BAnswer.com does not guarantee the right.

Other Questions and Answers:
  • Anybody know how to fight your school taxes?
  • Do you pay tax when you are on Statutory Maternity Pay?
  • What is the threshold for US inheritance tax?
  • How do I work out whether to get a company car or take the allowance?
  • I need to know what is tax deductable in a small home bussiness?
  • are employee or reportable taxes owed on exchanging labor for reduced rent.?
  • Tax Question on failure to file.?
  • I have started working as a nanny. My pay is directly debited into my account. How do I declare tax on this?