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New Member

Home loan from parents

I received a loan from my parents secured against my home. We have a formal, recorded agreement per IRS rules. I have not, however, received a 1098. When entering info in TurboTax, it gives me an option for "The seller is financing this loan and we didn't receive a 1098", but this is not right fro my case: my parents were *not* the sellers. So I choose "None of these apply", but then TurboTax insists that I must get a 1098. What do I do?
2 Replies
Expert Alumni

Home loan from parents

You can select "none of these apply" and move forward to enter your mortgage interest and you can select the box that the information doesn't agree with the Form 1098 since you don't have one.  Then type your explanation and complete the entry.  TurboTax will save your interest amount and include it with your itemized deductions.

You do not need a Form 1098 and there are many cases when one is not received.  See the image attached for assistance.

New Member

Home loan from parents

I have the same scenerio. What exactly do I put as the explanation? "I did not receive a 1098 form." OR do I need to explain my loan in greater detail?
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