Seller financed interest income is reported differently because usually there is no 1099-INT. The amortization schedule can be used for the amount of interest to report. Interest is required to be reported if the final payment from the sale is more than six months after the sale.
To record the interest on this seller financed loan on the home follow these steps while you are logged into your TurboTax Premier account:
- My Account > Tools > Topic Search > Type seller > Go
- Begin the entry for your interest income
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Click the screenshots attached to enlarge and view to assist you.
