I’m in a contract for deed and pay the property tax, do I click on own a home or rent for my taxes?

Do I own a home if I’m in a contract for deed?

posted

Connect with an expert

1 Best answer

Accepted Solutions

I’m in a contract for deed and pay the property tax, do I click on own a home or rent for my taxes?

Since the seller still retained legal title to the property under a contract for deed, you will be considered a renter until the contract for deed obligation is fulfilled.

View solution in original post

2 Replies

I’m in a contract for deed and pay the property tax, do I click on own a home or rent for my taxes?

Since the seller still retained legal title to the property under a contract for deed, you will be considered a renter until the contract for deed obligation is fulfilled.

I’m in a contract for deed and pay the property tax, do I click on own a home or rent for my taxes?

Wait a minute! I am selling a home on a contract for deed. One year, TurboTax listed it as an installment sale; the following year, it was treated differently. Now I read that I'm supposed to be treating it as a rental?!? They pay the mortgage, insurance, utilities and property tax. Is that correct that I should be reporting it as a rental?!?!