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Deductions & credits
I see 2 very different answers here for reporting interest from a private mortgage when you are not the seller:
1- Just report it as if there is a 1099-INT (though there isn't one)
2- Report it as a seller-financed mortgage, even if you are not the seller (which seems inaccurate)
Which is the best method for this quite common situation where a mortgage (loan secured by real property and recorded a such) is held by a third party such as a parent or relative or business associate, but not by a bank, or by the seller of the property?
Further clarification much appreciated!
‎January 18, 2024
3:56 PM