Tax Deductability of Interest when buying home on contract?

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I am currently purchasing a home on contract. Are my interest payments tax deductible as they would be if I bough the home outright with a mortgage?

2007-11-23 06:36:22 · 2 answers · asked by Daniel P 1 in Business & Finance ➔ Personal Finance

interest is interest no matter whom you pay it too!!!

2007-11-26 06:29:52 · answer #1 · answered by Anonymous · 0⤊ 0⤋

Yes.

You will have to list the seller's name and social security number on your Schedule A when you file your return.

2007-11-25 18:36:39 · answer #2 · answered by Wayne Z 7 · 0⤊ 0⤋