Posted on: 29th Oct, 2010 04:41 pm
CAN THE ANNUAL INTEREST PAID ON A CONTRACT FOR DEED BE SHOWN ON YEARLY TAX RETURN?? ALSO THE HOUSE BEING SOLD DOES IT HAVE TO HAVE A CLEAR TITLE OR CAN A BALANCE BE OWED TO ANOTHER LENDER WITH FIRST RIGHTS? AND DO THEY NEED TO APPROVE BUYER ON CONTRACT FOR DEED?
if you want to sell off the property, then it should be free and clear. if you owe a balance, you should ask the buyer to refinance the mortgage in his or her name and pay off the dues. as far as i know, annual interest paid on a contract for deed can be shown on yearly tax return.