Hello,
I am in the process of purchasing a house ("the buyer"). During the process, the seller has agreed to "compensate the buyer" an amount "by allocating funds toward the buyer's closing costs at settlement". My questions:
1. Is it the same as Closing Costs Credit?
2. Is it tax deductible for me as the buyer?
3. (if the answer to 2 is yes) What type of forms/documents should I need to obtain, and from who (the seller or the lender) so then I can deduct it from my AGI.
