I am currently purchasing a home on contract. Are my interest payments tax deductible as they would be if I bough the home outright with a mortgage?Tax Deductability of Interest when buying home on contract?
interest is interest no matter whom you pay it too!!!Tax Deductability of Interest when buying home on contract?
Yes.
You will have to list the seller's name and social security number on your Schedule A when you file your return.
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