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03-12-2008, 06:50 PM
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| How does a credit work at the close of a home? We are leasing a house for 6 months with a delayed close. The seller wants us to credit the rental amount at the closing as if we don't, she will have to claim the 6 months worth of lease as earned income and then pay come tax season. How is it that a credit like this works and we still don't pay more in costs? Example: We lease for 6 months at $1,000 a month. ($6,000 total). We had agreed to purchase the home for $120,000. We credit the seller for $6,000 ($126,000) so that she no longer has to claim the rental money as earned income, but somehow, or mortgage is for still $120,000. (or so I am told by lawyers, etc.)      |
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