To make your investment go even further, donate the item back after your event, get a receipt for your donation, and take any possible tax deduction when you file your next tax return.
An escrow company sets up the mortgage payments, including interest, and the escrow company also issues an annual mortgage interest statement to the buyer to utilize as a tax deduction.
Interest - If you enter into a lease-to-purchase or land contract where the seller doesn't charge interest, you will receive no mortgage interest statement to utilize as a tax deduction.
The answer depends on a few factors, but many people are pleased to find that they do qualify for a tax deduction resulting from this type of second mortgage product.
The type of home you own can be a deciding factor as to whether you can claim interest paid as a tax deduction or not.
