I took a second mortgage on my home when I sold it to my Brother and Sister in Law in 1997. They made nornal payments for 10 months, then they got divorced a few months later. The ex-brother in law kept the house by their divorce decree. He quit making regular payments and made sporadic payments up until 2021 when I told him I needed him to pay it off or start makng payments or face forclosure.
At the time he owed $11,063 in unpaid princial, interest and late fees. I made him an offer to settle the account and I would clear the mortgage for $7000. He agreed and we did so. Question, where do I claim this income and loss on my tax form. I have turbotax deluxe.
