Can I get home owner tax credit for a house that I am buying from the owner with no banks involved? I pay them a monthly mortgage payment until balance is paid off.

posted

Connect with an expert

2 Replies

Can I get home owner tax credit for a house that I am buying from the owner with no banks involved? I pay them a monthly mortgage payment until balance is paid off.

there is no home owner tax credit at the federal level, so are you referring to something else.

Can I get home owner tax credit for a house that I am buying from the owner with no banks involved? I pay them a monthly mortgage payment until balance is paid off.

If you're referring to deducting mortgage interest paid to an individual (private) loan, the answer is yes. You'll need identifying info (SSN) from the individual that holds your mortgage to report that you're paying them.

However, using mortgage interest as a deduction requires itemizing your deductions using Schedule A. Since the tax law changes took effect, the standard deductions have increased significantly. You may not need to itemize your deductions after all.

See the information below:

https://ttlc.intuit.com/replies/3300473

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***