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Level 1
June 7, 2019
Solved

I sold a piece of real estate in 2018 and hold a promissory note. Buyer made monthly payments, & I need to provide him a form for his 2018 taxes. Do I provide him a 1099?

  • June 7, 2019
  • 1 reply
  • 8 views
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    Best answer by TaxGuyBill

    You are not required to give him any forms such as a 1099 for the promissory note.

    If he is making payments to you, it might be easiest if you give him a statement indicating how much interest he paid you.  That way the amount that he reports as a deduction will hopefully match the amount that you report as income.

    He will also probably need your name, ID number (such as your Social Security Number or EIN) and address.

    https://www.irs.gov/instructions/i1040sca#idm140545383111728


    1 reply

    Level 13
    June 7, 2019

    You are not required to give him any forms such as a 1099 for the promissory note.

    If he is making payments to you, it might be easiest if you give him a statement indicating how much interest he paid you.  That way the amount that he reports as a deduction will hopefully match the amount that you report as income.

    He will also probably need your name, ID number (such as your Social Security Number or EIN) and address.

    https://www.irs.gov/instructions/i1040sca#idm140545383111728