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Can I deduct interest on a seller-financed home loan?

Yes. Report this on Schedule A as interest not reported on a Form 1098. Next to the line reporting the deduction, enter the seller's:

  • Name
  • Address
  • Social Security number (SSN) or employer identification number (EIN)

You’ll also need to give the seller your SSN. Then, the seller can report the interest received on his or her return.

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