Installment Contract and Tax Filing - Posted by John Brown


#1

Posted by DavidV on March 04, 1999 at 10:04:50:

You (buyer) would recieve the interest deduction and the seller would have to send you a 1098 for interest paid.


#2

Installment Contract and Tax Filing - Posted by John Brown

Posted by John Brown on March 03, 1999 at 18:45:01:

I was considering a purchase of a residence via an installment contact where the “seller” is paid interest only with a ballon in 3 years and seller continues to pay original mortgage.

How is the interest accounted for by both the buyer and seller when filling taxes?

thanx in advance