What is the path to adding income received by interest from a seller-financed loan?

Forum|Forum|2 years ago
January 20, 2024
2 replies
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TurboTax Deluxe Online

DoninGA

Level 15

To enter interest received from a seller-financed loans -

Click on Federal on the left side of the online program screen

Click on Wages & Income

Scroll down to Less Common Investments and Savings

On Interest from Seller-Financed Loans, click on the start button

LeticiaF1

Level 12

Interest income received from a seller-financed loan must be reported on Schedule B. In addition to what DoninGA mentioned, these are some additional steps:

Log In to TurboTax.
Under the Income and Expenses tab, scroll down until you get to "Interest From Seller-Financed Loan", then click edit.
The next screen asks, "Any seller-financed loan?".
If your answer is yes to the question above, it will take you to the Seller-Financed screen.
Under the Seller-Financed screen, enter the buyer's name, address, SSN of the buyer, and the amount of interest the buyer paid to you.
The interest amount will be transferred to Schedule B of the 1040 form.