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lpainter123
Feb 16, 2012, 05:58 PM
We are buying a house with owner finance-Contract for Deed. Payment including interest, plus one-twelfth (1/12) of annual insurance and property taxes-("Escrow") are paid monthly as stated in Contract for Deed. Are we entitled to a 1098 for our personal income taxes on the interest & taxes we have paid?

ScottGem
Feb 16, 2012, 06:07 PM
Generally, with a contract for deed, you don't own the property until the contract is finished. Until the deed is in your name you can't claim a deduction.