Mortgagee Earnings

[Anna113]

How do I report interest earned on a mortgage that I provided? I was a private money lender in a real estate deal (with the promissory note recorded as a mortgage) and collected interest. I have documents from the title company but not sure how to report the interest earned.  

[ThomasM125]

You entered the interest revenue as a Form 1099-INT entry in the Wages and Income section of TurboTax, then Interest and Dividends, then Interest on 1099-INT.

[Anna113]

Did I understand correctly that even though I just collected the payments and did not get a formal 1099-INT, I report it the same way? Do I need to report the payer's information?  Just list their names/LLC and total interest collected?

[DawnC]

That is correct.  You can enter it as interest income whether on a 1099-int or not.   You will need to enter the payer's name and total interest collected.   You may get a message to enter a TIN for the person, but it is generally not required and that message will not prevent e-file.   There is an entry line for interest from Seller-Financed Loans also, which asks for the same information.   See below. 

[Anna113]

Great! Thank you! I was not a seller financing the property purchase in this case, so seller financing probably won't apply to me.