Posted by Nate(DC) on March 21, 2002 at 22:56:23:
Yes, a buyer on contract for deed can deduct the interest and taxes because they are the equitable owner of the property, even though you hold legal title.
NT
Contract for deed and taxes - Posted by Markr
Posted by Markr on March 21, 2002 at 21:37:03:
I have a property I want to sell on a contract for deed.
(not recorded)can the buyer deduct the interest with out taking title. Where can I find that info.
Re: Contract for deed and taxes - Posted by Joe
Posted by Joe on March 21, 2002 at 23:59:44:
I just wanted to add that you are also entitled to take the interest deduction for paying your underlying loan(s), if any, when you sell on CFD. You take the deduction for your interest expense over the year, and the buyer takes the deduction for paying you interest over that year. You show his entire P&I over the year as income.