Definitely still used. Usually seen on mobile homes and vacant land though. Most of the ones I see are in the rural areas.
I am pretty sure the tax right-offs are they same as if a sale occurs, but don’t quote me on that.
Also, I am still looking for some properties if you come across something let me know. I will make sure you get compensated in full. The last one just didn’t look profitable after finding out the true mtg balance and re-crunching the numbers. Take Care.
Yes the buyer gets the write-offs,
interest, taxes,and any other deductions.
I personally owned a home on CFD, ($500 down)
with a business office located in my home.
I claimed 30% of all expenses including utilities
as a business expense.
Paid 32K for the property
Lived there five years put 10k in it.
Sold it for 67K and put 35K in hip national bank.
And Uncle paid 1/3 of my living expense.
I have a creative tax person.
Check with yours before you do the same.