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.
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