Legal Question in Real Estate Law in Illinois

Contract for Deed Laws

I am buying a house contract for deed-Can I claim the intrest for the bank loan on my income taxes? Can I claim the real estate taxes on my income taxes as well? How do we go about doing this? What forms does the seller need to provide for me to be able to do this?


Asked on 6/30/04, 12:51 pm

1 Answer from Attorneys
Jay Pollak The Pollak Law Firm, LLC

Re: Contract for Deed Laws

The contract for the purchase of the house should set forth the terms including the payment of interest and the payment of real estate taxes. If you are paying them booth then they are both deductible on your income tax return. You do not need to attach anything to your tax return to prove you are paying the expenses. Your cancelled check will be enough proof if you ever need it.

Read more
Answered on 6/30/04, 1:00 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Illinois