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In a contract for deed sale in Texas is the Buyer responsible for taxes and thus can claim the taxes on their income tax return?
Wiki User
∙ 11y ago
I am not an attorney or an accountant or even a licensed real estate agent, but I do sell my own land in Texas. This is offered as information only and not professional advice. You should consult an attorney or accountant who can offer you counsel based on all the specifics of your situation.
In my limited experience in Texas, the deed-holding property owner is responsible for taxes on the property. If you purchase property under a contract for deed, you may or may not be able to claim the taxes as a deduction. It depends on your contract or other written agreements. If the property owner escrows money for taxes and pays them on your behalf, then you probably get the deduction. If it is not specified, then the property owner may be taking the deduction. SB198, which was effective Sept. 1, 2001, requires that the property owner send you an annual statement each year before January 31st. This statement should indicate “the amounts paid to taxing authorities on the purchaser’s behalf if collected by the seller.” If the amount is “0,” then the property owner is most probably paying and taking the deduction for taxes. You should ask them. Preferably in writing. Be sure to keep a copy for documentation.
P.S. You can contact the local appraisal district to find out if there are delinquent taxes on the property. If the property owner is not paying the taxes, you could have problems.
I am not an attorney or an accountant or even a licensed real estate agent, but I do sell my own land in Texas. This is offered as information only and not professional advice. You should consult an attorney or accountant who can offer you counsel based on all the specifics of your situation.
In my limited experience in Texas, the deed-holding property owner is responsible for taxes on the property. If you purchase property under a contract for deed, you may or may not be able to claim the taxes as a deduction. It depends on your contract or other written agreements. If the property owner escrows money for taxes and pays them on your behalf, then you probably get the deduction. If it is not specified, then the property owner may be taking the deduction. SB198, which was effective Sept. 1, 2001, requires that the property owner send you an annual statement each year before January 31st. This statement should indicate “the amounts paid to taxing authorities on the purchaser’s behalf if collected by the seller.” If the amount is “0,” then the property owner is most probably paying and taking the deduction for taxes. You should ask them. Preferably in writing. Be sure to keep a copy for documentation.
P.S. You can contact the local appraisal district to find out if there are delinquent taxes on the property. If the property owner is not paying the taxes, you could have problems.
Wiki User
∙ 11y ago
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