is rent paid on a land contract tax deductible.

I have a land contract for the rental property that I own. Is the rent paid to the old owners deductible the same as if I was paying a mortgage company?

posted

Yes, you may report the interest you paid on the land contract under Deductions & Credits >> Your Home >> Mortgage Interest. If you didn't receive Form 1098, you will need to enter the name and address of the land owner. You may also report any property taxes you paid.

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