Hi, Can you deduct the interest you pay when the owner is financing you, just like when you can deduct the mortgage interest for tax purposes. thanks...
yes. like you said, just like when you can deduct the mortgage interest for tax purposes
He should send you a 1098. _________________ "A deal is only as good as the quality of your Contracts." --Me[ Edited by LeaseOptionKing on Date 01/18/2008 ]
Negatory on that, Chris. You have to provide a 1098 by January 31 (just like any other lender) and send that (along with a 1096--Transmittal Form) to the IRS by February 28. No amortization schedule is required to be sent, though. [addsig]
This company mostly sells potatoes, so I guess the land sale was not in its normal course of business. Chris
yes. like you said,
just like when you can deduct the mortgage interest for tax purposes
He should send you a 1098.
_________________
"A deal is only as good as the quality of your Contracts." --Me[ Edited by LeaseOptionKing on Date 01/18/2008 ]
Negatory on that, Chris. You have to provide a 1098 by January 31 (just like any other lender) and send that (along with a 1096--Transmittal Form) to the IRS by February 28. No amortization schedule is required to be sent, though.
[addsig]
This company mostly sells potatoes, so I guess the land sale was not in its normal course of business.
Chris