- posted 10 years ago
I have seen several homes for sale in which the listing says " owner financing available" or "owner will hold note", which essentially means the owner is the bank. I have 2 questions regarding the seller and buyer:
For the buyer, can he/she still report interest paid on the mortgage when filing taxes?
For the owner, does he/she have to report the interest income received from the buyer?
Also I'm assuming this agreement is written up by the lawyers the same as if this was a bank?