Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
loydandshea
Returning Member

Seller financed business loan

I purchased a business that was seller financed. What forms, if any, do I need the send the Seller?

2 Replies
Rick19744
Level 11

Seller financed business loan

A few additional facts would be good:

  • What is the entity structure
  • Did you purchase the assets or was this a stock deal
*A reminder that posts in a forum such as this do not constitute tax advice.*
Carl
Level 15

Seller financed business loan

My response applies pending any additional details you may provide that may change things.

The buyer generally is not required to send the seller anything. It is the seller that is required to send the buyer something akin to a 1098 Mortgage Interest Statement or letter in lieu of, that shows the status of the loan to include the outstanding balance at the beginning and end of the tax year, as well as the total interest paid on the loan during the tax year.

 

Dynamic AdsDynamic Ads
Privacy Settings
v