My Husband & I purchased a rental property via land contract in 2017. The purchase price was $23,000. There were no closing costs & we are not paying interest. How do I report this purchase on our taxes?
Yes, for tax purposes, the IRS treats buying a home under a land contract the same as it would any other home purchase.
According to the IRS, if you buy a home under a land contract you usually qualify for typical homeowner tax benefits. When you buy a home, you don't get anything just for buying your home. However, you are able to include certain items related to your home on your tax return. If you itemize, you get to take such things as:
You will enter this information into TurboTax under Deductions and Credits >> Your Home. TurboTax will help you find all the deductions that are available to you.
For more information, see IRS Pub 530 Tax Information for Homeowners
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