I am interested in buying a home with acreage.
2007-08-30 14:05:01 · 5 answers · asked by rtrbamaman 1 in Business & Finance ➔ Renting & Real Estate
As long has it meets 1) deed is recorded in your name 2)mortgage (lien) is recorded 3) you receive a 1099 interest statement at year end from the mortgage holder.
It does not count if it is an unrecorded agreement for deed, or a lease option. See below website for the IRS
2007-08-30 14:34:19 · answer #1 · answered by Etta P 4 · 0⤊ 0⤋
Yes. Getting the interest statement from the seller might be a chore, but if you pay interest on the home mortgage, it's deductible.
2007-08-30 14:46:45 · answer #2 · answered by open4one 7 · 0⤊ 0⤋
Yes, you are paying principle and interest and taxes, then interest and taxes would be deductible.
2007-08-30 14:09:16 · answer #3 · answered by Alterfemego 7 · 0⤊ 0⤋
It should be, it is still interest.
2007-08-30 14:10:36 · answer #4 · answered by tx_mstry_lady 3 · 0⤊ 0⤋
You bet ya
2007-08-30 14:10:47 · answer #5 · answered by Anonymous · 0⤊ 0⤋