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redrose1970
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I currently have a contract for deed and want to claim interest on my taxes,how to do this also can I claim from the date I purchased which is Oct 01,2017?

 
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I currently have a contract for deed and want to claim interest on my taxes,how to do this also can I claim from the date I purchased which is Oct 01,2017?

You can only claim interest paid in 2018 on your 2018 return.

The IRS does allow you to deduct the interest portion of the payments you make under a contract for deed from your income taxes if you itemize deductions. You can also deduct any real estate taxes you pay, just as with a mortgage.

To enter mortgage interest
•    Click on Federal Taxes (Personal using Home and Business)
•    Click on Deductions and Credits
•    Click on I'll choose what I work on (if shown)
•    Under Your Home
•    On Mortgage Interest, click on the start or update button

You will also see property taxes on the home in this area.



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