Does a 1098 or 1099-INT need to be filed for a private mortgage?

Forum|Forum|3 years ago
January 21, 2023
2 replies
25 views

Does a 1098 or 1099-INT need to be filed for a private mortgage?
Any info would be greatly appreciated.

Not A Product Question

Anonymous_

Level 15

1099s are for trade or business reporting (although you can always file a 1099 even if it is not required).

If you receive mortgage interest of $600 or more in the course of your trade or business, you are subject to the requirement to file Form 1098, even if you are not in the business of lending money.

See https://www.irs.gov/pub/irs-pdf/i1098.pdf

Vanessa A

Level 15

Yes, if you are the lender, you would need to issue the person paying the mortgage and interest to you a 1098.

If you are the borrower, then the lender, even though private, will need to send you a 1098. If they do not send you one, you will just select "This is a seller financed loan and I did not receive a 1098". TurboTax will ask you for the lenders address and social security number or EIN. You will need to contact them to get that information. If you cannot get all of the information required, you will need to print and mail your return in order to claim the mortgage interest paid to them.

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Anonymous_

Level 15

If you receive mortgage interest of $600 or more in the course of your trade or business, you are subject to the requirement to file Form 1098, even if you are not in the business of lending money.