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What do I do if buying a home contract for deed?
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You do not have to enter anything on your tax return for the purchase of any home, it is reported when you sell or dispose of the property; however, you must keep all of the paperwork you received as documentation.
If you are purchasing a home contract for deed:
- You are not using a bank for the purchase.
- The seller is financing a loan to you.
- This seller's loan is like a mortgage, and can be deducted on your tax return if you Itemize your deductions.
- See Home Ownership Tax Deductions for more detail on including the deduction.
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