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Level 5
July 12, 2020

deducting a land contract

  • July 12, 2020
  • 1 reply
  • 10 views

I have a client that has a land contract, i know you can deduct this like when owning a home from a 1098. you can deduct the interest and property taxes paid. what is the proper way to add this to pro series basic if you don't have a 1098?  

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    1 reply

    Level 15
    July 12, 2020

    Schedule A has a section specifically for mortgage interest that is not on a 1098.  Enter it there (you will need some information about the seller).

    And just enter the real estate taxes in the appropriate section of Schedule A.

    Tiger5Author
    Level 5
    July 12, 2020

    Thank you