Posted by Randy on August 28, 2003 at 08:31:41:
They can still take the deduction for interest and taxes paid, they just have to calculate it manually and indicate on the tax return that no statement was received; this is done by any taxpayer with a land contract, CFD, private mortgage? in other words lots of people. No worries.
Sub2 tax question - Posted by Les
Posted by Les on August 27, 2003 at 22:05:26:
If I purchase a house sub2 today, the original owners obviously do not get the tax deduction from the date I purchased it moving forward. however what about the interest deduction due from the first 8 months of the year?
i.e. if they sold the house conventionally they would get a statement of taxes paid for the 8 months so they could deduct it, how is this normally handled in a sub2 situation? I hope I was clear.
Thanks!
Les
Re: Sub2 tax question - Posted by Stewart
Posted by Stewart on August 28, 2003 at 19:37:14:
Maybe you could figure the amount for you and for the seller? Make a copy of the 1098? you receive, write his amount on his copy and send it off.