My client sold his home for the remainder of his payments if that makes any sense. He has a legal agreement and the purchaser of this home took over his mortgage payments. Does he now claim the interest as income when he his not directly receiving the money.
-
-
I assume you mean the purchaser assumed your client's mortgage and is now making payments directly to your client's mortgage company. If the purchaser assumed the mortgage, your client should no longer be liable for the mortgage. Therefor, your client should be totally out of the picture and not receiving interest income.
Comment