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oconnellchris93
New Member

I am buying my home on contract, how do I handle that section?

 
1 Reply
HelenaC
New Member

I am buying my home on contract, how do I handle that section?

Seller Financed loans are treated the same as bank financed loans. 

If any part of the house payments include mortgage interest, yes, you can claim mortgage interest. If you also pay property taxes, you can claim them. You cannot claim the mortgage principal.


You would enter the mortgage interest under Seller Financed: 

  • Type mortgage interest in the search bar and click search.
  • Click on Jump to mortgage interest.
  • Continue entering information until you get to the 'Do any of these uncommon situations apply to your loan with XXX?' screen.
  • Click on The seller is financing this loan and I didn't receive a 1098 screen.
  • Continue with the onscreen interview.


To enter the real estate taxes you paid:  Where do I enter the real estate taxes I paid?

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