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Old 01-26-2010, 08:03 PM
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How do you reduce you Interest Income from a contract for deed?

I am trying to figure out if there is a way to reduce my interest income that is associated with a contract for deed I have in place. In the contract for deed, I am receiving a monthly payment that is equal to what I have to pay my mortgage company (Wrap-around mortgage), so I make nothing on it. Because the yearly mortgage interest is $6k*, I'm losing $5K in Earned income credit. Is there a way for me to reduce my interest income on my tax return?

*The interest income threshold for EIC $3100.

As one who has return back to school, I could sure use the additional $5k.

Any help would be appreciated.

Poochie Jones

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