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joyce4107 · Joined: 26 Jan 2011 Posts: 1 1.27 Dollars($)

I currently have an owner financed house that the person I have the contract with now wants to go get her own mortgage with a bank. I have a mortgage on that house, if the house her banks pays off my mortgage on that house, what about income taxes?

smithsussane · Posted: Wed Jan 26, 2011 9:21 pm Post subject:

Hi joyce!

Welcome to forums!

If you already have a mortgage on the property, then you shouldn't have owner financed the property. It will be considered as fraudulent and you may be penalized for it. If the buyer gets a mortgage on your property, then you will be able to pay off the loan in full. However, as far as the taxes are concerned, your tax adviser will be the best person to help you in this matter.

Feel free to ask if you've further queries.

Sussane

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The person I have the owner fiance with wants to get their own mortgage now, what about taxes?

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