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Owner Financing - Interest Question..

nthayil profile photo
  • Sunday, January 20, 2008 @ 08:06 PM EST
  • 4 Comments
Hi,

Can you deduct the interest you pay when the owner is financing you, just like when you can deduct the mortgage interest for tax purposes.

thanks...
  • (4) Comments
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  • cjmazur
    cjmazur18th January, 2008
    0
    Reply

    yes. like you said,

    just like when you can deduct the mortgage interest for tax purposes

  • LeaseOptionKing
    LeaseOptionKing18th January, 2008
    0
    Reply

    He should send you a 1098.

    _________________
    "A deal is only as good as the quality of your Contracts." --Me[ Edited by LeaseOptionKing on Date 01/18/2008 ]

  • LeaseOptionKing
    LeaseOptionKing19th January, 2008
    0
    Reply

    Negatory on that, Chris. You have to provide a 1098 by January 31 (just like any other lender) and send that (along with a 1096--Transmittal Form) to the IRS by February 28. No amortization schedule is required to be sent, though.
    [addsig]

  • ypochris
    ypochris19th January, 2008
    0
    Reply

    This company mostly sells potatoes, so I guess the land sale was not in its normal course of business.

    Chris

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