Archive for August, 2009
Deed Of Trust Spouse
August 11th, 2009
Question: Can I claim a interest paid tax deduction on a owner financed home?
I have an armoritization sheet, but no 1098 form from the lady financing the home to me and my spouse. The paper work was done by lawyer and I have a Deed of Trust.
Answer: Yes, the information on how to file is in the instructions for schedule. The interest goes on a different line than 1098 interest.
The money goes on line 11. You *must* put the seller's SSN on the tax return (he'll put your SSN on his as the person who paid him).
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