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djollay1 · Joined: 13 Feb 2011 Posts: 1 1.34 Dollars($)

I have a buyer that has signed a contract to buy, but does not qualify for financing, so I hold the note...they make the payment directly to the bank. I do not see or handle any money. For all practicle purposes, they own the house, but the mortgage is mine.

What are my tax liabilities?

adonis · Posted: Sun Feb 13, 2011 7:46 pm Post subject:

Welcome djollay,

If the mortgage is in your name, then you will be able to claim the taxes in your tax filing. But it will be better if you could contact a tax adviser and take his opinion in this regard.

Posted: Sun Feb 13, 2011 8:26 pm Post subject:

Do I have to report the mortgage payments made by the buyer as income on my tax return?

adonis · Posted: Sun Feb 13, 2011 10:15 pm Post subject:

Hi Guest,

You may have to report it as your income. However, as I have suggested earlier, have a word with a tax adviser and take his/her advice in this regard.

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Do I have to report mortgage payments from the buyer in a contract sale?

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