What is the name of your state (only U.S. law)? va
i sold a home via a contract for deed using a 3rd party who collects the payments. the contract states that the monthly payments are to be considered interest payments with a balloon payment due at the end of the contract and that the payments are to include the real estate taxes and hoa fees.
with this said, I still have a mortgage on the home that I make payments on and I wanted to know if I can deduct the interest I pay the mortgage company. what about the real estate taxes and hoa fees? can I deduct those expenses as well if the expenses are in my name and I'm still paying them directly?
i sold a home via a contract for deed using a 3rd party who collects the payments. the contract states that the monthly payments are to be considered interest payments with a balloon payment due at the end of the contract and that the payments are to include the real estate taxes and hoa fees.
with this said, I still have a mortgage on the home that I make payments on and I wanted to know if I can deduct the interest I pay the mortgage company. what about the real estate taxes and hoa fees? can I deduct those expenses as well if the expenses are in my name and I'm still paying them directly?