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?