Thanks for bringing up WRAP mortgage interest income question? I am doing my first WRAP mortgage interest income through my LLC.
My note servicing company issued 1099 INT which indicates interest income ($8K) which is higher than the actual interest income ($2K) received from the end buyer. It seems like note servicing company is most likely reporting underlying mortgage interest income ($6K).
How do I report actual interest income ($2K) under Interest income? In other words, where can I deduct underlying mortgage interest income ( as an expense)?
Thank you in advance for your help.
