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Old 02-24-2008, 02:23 AM
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Join Date: Feb 2008
Posts: 3
Question Deed of Trust "Leasehold Estate"


I couple years ago I "sold" my house under a program called "lease with the option to purchase," but I still can figure the tax consequences that I am encountering. The reason is that I am still liable for the mortgage for the property. Therefore, my concerns are..

How do I report this "lease with the option to purchase" and where is it reported?

Have I sold the property?.. when is it considered sold? After buyer takes over his loan mortgage or when we entered this Deed of trust?
I currently have two mortgages under my name and I am still responsible for the mortgage of the property "sold"??? but I have a Deed of trust with the buyer that matures on 5 years?

Will I qualify for the Home sale exclusion?

How do I report the monthly payments I received from buyer to cover mortgage under lease to own program? . I am not renting the property and I am not obtaining any income, basically I am middleman betwen buyer and my current lien to cover the mortgage.

How do I report both 1098's property taxes and interested paid?

Thanks



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