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pjthemeat1
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The home I bought in 2016 is a privet sale , I pay monthly ~ is this a tax break for me

 
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view2
New Member

The home I bought in 2016 is a privet sale , I pay monthly ~ is this a tax break for me

You can deduct your home mortgage interest only if your mortgage is a secured debt. A secured debt is one in which you sign an instrument (such as a mortgage, deed of trust, or land contract) that:

    Makes your ownership in a qualified home security for payment of the debt,

    Provides, in case of default, that your home could satisfy the debt, and

    Is recorded or is otherwise perfected under any state or local law that applies.

In other words, your mortgage is a secured debt if you put your home up as collateral to protect the interests of the lender. If you cannot pay the debt, your home can then serve as payment to the lender to satisfy (pay) the debt. In this publication, mortgage will refer to secured debt. 

Most states  have certain requirements that must be taken into consideration.

You must keep records to support items reported since you do not receive a statement of interest paid from the seller.

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view2
New Member

The home I bought in 2016 is a privet sale , I pay monthly ~ is this a tax break for me

You can deduct your home mortgage interest only if your mortgage is a secured debt. A secured debt is one in which you sign an instrument (such as a mortgage, deed of trust, or land contract) that:

    Makes your ownership in a qualified home security for payment of the debt,

    Provides, in case of default, that your home could satisfy the debt, and

    Is recorded or is otherwise perfected under any state or local law that applies.

In other words, your mortgage is a secured debt if you put your home up as collateral to protect the interests of the lender. If you cannot pay the debt, your home can then serve as payment to the lender to satisfy (pay) the debt. In this publication, mortgage will refer to secured debt. 

Most states  have certain requirements that must be taken into consideration.

You must keep records to support items reported since you do not receive a statement of interest paid from the seller.

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