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OT: Tax question. Intrest on Contract for Deed

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Kelly C

04-10-2005 12:30:36




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I have procrastinated enough on this time to get er done.

Do you guys know if interest you pay on a Contract for Deed is deductable as a mortgage interest deduction?
1st one for me and am not sure. Guy didnt send me any thing.




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Kelly C

04-10-2005 22:02:17




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 Re: OT: Tax question. Intrest on Contract for Deed in reply to Kelly C, 04-10-2005 12:30:36  
Thanks guys.
I will check into it some more. I was pretty sure he did.
I really hate doing taxes. I procrastinate it till the very end every year.
Must be from all those years as a self employed sales man. That self employment tax is a real kick in the nads.



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6N's Short

04-10-2005 19:12:59




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 Re: OT: Tax question. Intrest on Contract for Deed in reply to Kelly C, 04-10-2005 12:30:36  
Hi Kelly - I'm a CPA and do a lot of returns. Calling the IRS is futile as you are pretty much going to get an operator and not a tax expert and really cannot trust the info they provide. The form you should receive is a Form 1098 and not a 1099. 1098 is for reporting mortgage interest. The 1099 is for reporting various types of income.
Having said that, most payees on land contracts do not know to file these forms so they do not do that. The IRS is pretty much cool with this and has provided a line on schedule A where YOU can report how much you paid and the name and ID number of the person you paid it to. Any questions, feel free to ask. My email is open and it won't cost you a thing. Lord knows I am here all the time..... .

until Friday!

(Then I'll be down at the hayfield!)

Dave

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jayw

04-10-2005 16:40:30




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 Re: OT: Tax question. Intrest on Contract for Deed in reply to Kelly C, 04-10-2005 12:30:36  
Any Interest paid to a individual or morgage Co. or Land contract is Tax deductible, You should have received a 1099 He is libale too have that too you no later than last day of Feb.



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Rauville

04-10-2005 14:43:31




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 Re: OT: Tax question. Intrest on Contract for Deed in reply to Kelly C, 04-10-2005 12:30:36  
If you are making the interest payments, I believe that you should have sent a 1099 form to the party holding the contract. They would have to report the interest as income if you claim it as a deduction. Best check with a tax preparer to be sure.



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Tractor Dan

04-10-2005 14:32:02




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 Re: OT: Tax question. Intrest on Contract for Deed in reply to Kelly C, 04-10-2005 12:30:36  
forget the taxs hows the 300 coming???



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El Toro

04-10-2005 14:25:37




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 Re: OT: Tax question. Intrest on Contract for Deed in reply to Kelly C, 04-10-2005 12:30:36  
Hi Kelley, I would call the IRS at their toll
free number. The number is 1-800-829-1040. I think that would be deductible, but I would call them to to be sure. Hal



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gene (Missouri)

04-10-2005 16:39:51




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 Re: OT: Tax question. Intrest on Contract for Deed in reply to El Toro, 04-10-2005 14:25:37  
The seller (contract holder) has to send the buyer a 1099 or some type of statement with the amount of interest paid during the year.

As the holder of several contracts for deed I have to claim the interest on my income tax. So, the buyer should be able to claim the interest deduction.

Again, check with your tax preparer.



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Landowner

04-10-2005 19:03:10




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 Re: OT: Tax question. Intrest on Contract for Deed in reply to gene (Missouri), 04-10-2005 16:39:51  
Well in my case being the contract holder, I receive the 1099's from the buyers, since they are the interest payers.
I don't think it makes alot of difference, as long as the IRS is informed of the interest income.



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El Toro

04-10-2005 17:46:36




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 Re: OT: Tax question. Intrest on Contract for Deed in reply to gene (Missouri), 04-10-2005 16:39:51  
Kelly is the one that has to check with the IRS
or a tax preparer. I've already filed my federal tax return in Feb. Hal



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