Tax Questions for “Turbo Tax – Ask the Experts” Forum

eshill1972 · ‎November 16, 2022

Mother passed away on 01/25/2022 and I inherited 4 properties this year. None of these were mortgaged.
1. 1 property was short-sold for $57K and appraised at $88K per Date of Death Appraisal
2. 2 properties are contract for deed (seller financed mortgage)
  1. Property 1 terms are $74.5K @ 5% over 180 months. Payments received by me in 2022 are projected to be $5,890 (Principal = $3,410 & Interest = $2,480)
  2. Property 2 terms are $56.5K @ 5% over 120 months. Payments received by me in 2022 are projected to be $5,992.70 (Principal = $4,960.09 & Interest = $1,032.61)
3. 1 property was a rental from 11/20/2021 thru 07/31/2022. Rents received by me in 2022 were $1,626 and expenses were $3,728. Also renewed HO Insurance for $973.65. It then became a contract for deed beginning 08/01/2022. Terms are $25K @ 5% over 60 months. Payments received by me in 2022 are projected to be $1,887.12 (Principal = $1,479.67 & Interest = $407.45)
4. Note: First payments to me were all in March 2022. All previous 2022 payments were not made to me and are taxable to mother’s return?
How do I account for each of these situations on my 2022 taxes? I normally file married jointly using TurboTax.
Do I need to send anything to Mortgagors for their 2022 taxes? (E.g. Mortgage interest statement) If so, the amount of interest they paid should include what they paid my mother and what they paid me?