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Old 04-05-2012, 05:15 PM
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Section 8 Homeownership Program

I am a participant in Section 8 Homeownership Program, i.e. they pay a portion of my mortgage the same as when they paid a portion of my rent. They sent me a 1099-MISC for the amount that they paid ($10,062). I never had to pay taxes on the amount they paid for my rent. Do I have to pay taxes on the amount that they paid for my mortgage?



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Old 04-07-2012, 11:08 PM
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“I am a participant in Section 8 Homeownership Program, i.e. they pay a portion of my mortgage the same as when they paid a portion of my rent. They sent me a 1099-MISC for the amount that they paid ($10,062). I never had to pay taxes on the amount they paid for my rent. Do I have to pay taxes on the amount that they paid for my mortgage?”----> Section 8 vouchers are not considered a form of income by the Social Security Administration.You can contact your local Public Housing Agency . You may be required to pay a special federal tax if you sell your home within nine years. Under rare circumstances, some state mortgage loans may be subject to the Federal Recapture Tax at the time the property is sold. The tax might apply if a borrower sells his or her home within nine years of the purchase date, makes a profit on the sale and has an income that exceeds federal recapture tax limits at the time of the sale.



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