The interest earned is reported on Sch B. A pay off is a return of your money and is not taxed. Was this a seller financed sale? Was it your house?If you simply held the mortgage, follow these steps:Go to Federal Income Scroll down to Interest and Dividends Select Interest on 1099-int (if seller financed, pick that option instead) Add I'll type it in myself Continue Received from: Enter SSN or Last Name Box 1 Enter interest earned continue If you have their social, that can be entered as the EIN, otherwise, No, they didn't continue continue

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schubertturbotax

Level 2

Question

I held a mortgage on a property that the current owner refinanced in Sept. Where/how do I report the income from the payoff and the payments received till it re-fi'd?

Forum|Forum|5 years ago
April 1, 2021
3 replies
19 views

No text available

TurboTax Live Premier Online

AmyC

Level 15

The interest earned is reported on Sch B. A pay off is a return of your money and is not taxed.

Was this a seller financed sale? Was it your house?

If you simply held the mortgage, follow these steps:

Go to Federal

Income
Scroll down to Interest and Dividends
Select Interest on 1099-int (if seller financed, pick that option instead)
Add
I'll type it in myself
Continue
Received from: Enter SSN or Last Name
Box 1 Enter interest earned
continue
If you have their social, that can be entered as the EIN, otherwise, No, they didn't
continue
continue

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schubertturbotaxAuthor

Level 2

Thank you. It was not my home but I home I previously owned as an investment. When I sold it in 2014, I held the mortage for the new owner. He refinanced in 2020 and got a new loan with a bank in Sept, so I received some mortgage payments and then the payoff. Thank you for your help!