land contract - Posted by mindy / indiana

Posted by JHyre in Ohio on January 30, 2002 at 06:21:32:

You get deductions for interest and property taxes if you itemize. If you did not deduct these items in past years and itemized (or should have when taking these items into account), amend your past year returns. Any improvement that you make on the home go into its basis…the interest on loans used to make such improvements is not deductible unless you use a home equity loan, in which case the interest is deductible regardless of what you spend it on.

John Hyre

land contract - Posted by mindy / indiana

Posted by mindy / indiana on January 29, 2002 at 21:26:05:

My husband and I purchased our home on a 15 year land contract almost 3 years ago. Do we receive any tax credits? Can we claim interest paid, property taxes or any home improvements? I can’t get any answers. We want to put on new siding a new roof but will get our own mortage through a lender to reap any benefits.
Thank you for any replies.