Question

If I bought two homes this year in January from same man but we did it "Seller financing" not through a mortgage company, do I own or rent when the question is asked?

Forum|Forum|2 years ago
April 8, 2024
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TurboTax Online

If you bought the two homes, then you are the owner, regardless of whether or not your purchase was financed with a mortgage. Your name will be on the deeds, not the seller's.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

D

DianeW777

It depends. You should be the owner of the home in a purchase situation even though it is seller financed. Check with your seller to see if they had their lawyer create a mortgage or simply a contract where the deed changes to your name later.

Also, once you know how it is set up, you can use the amortization schedule that shows the interest - principal breakdown.

The interest paid to the seller should be reported to them by you using Form 1099-INT. You are the payer and your seller is the recipient.