ibjoe
New Member

Deductions & credits

I suppose.. but if claimed as "Seller Financed Loan" implies I sold a property (I did NOT) and IRS may wonder why that doesn't showing up on my tax forms? I don't want to file something that indicates I made some financial transaction that I didn't. I still wish I could find an official IRS statement that clarified this situation, but I think that simply claiming it on Sch B as interest income and identifying the borrower should be sufficient and not raise any IRS questions. Hopefully.