topic Were do i enter interest income from land contract? in Get your taxes done using TurboTax

Were do i enter interest income from land contract?

rollot2 — Sat, 01 Jun 2019 04:37:19 GMT

I purchased a residential home and immediately sold it to a relative at cost on a land contract at 3.25 interest. Where do I report the interest income?

To report Seller Financed interest the buyer paid you: T...

HelenaC — Sat, 01 Jun 2019 04:37:19 GMT

To report Seller Financed interest the buyer paid you:

Type interest in the search bar and click search.
Click on Jump to interest.
On the Did you receive any interest income? screen, click Yes. See the screenshot below.
Click on I'll type it in myself and continue. See the screenshot below.

NOTE: You do not have to give the buyer(s) a 1098 Mortgage form because you are not in the "business" of giving loans.

This is a seller financed loan. You need to give them your name, address, Social Security Number and the amount of mortgage interest they paid you.

When the buyer prepares their income tax return, there is a section where they will answer, "The seller is financing this loan and we didn't receive a 1098'. See the screenshot below.

Re: Were do i enter interest income from land contract?

hanssandbo — Mon, 02 Mar 2020 16:04:04 GMT

I received interest on a contract for deed that I have after I sold a duplex that I owned. The instructions say go to Interest - which I did then it asks did you receive any interest - Yes - - then it says to click on "I will type this in myself " However it does not say this. The program is not working the way the directions say it should.

Re: Were do i enter interest income from land contract?

LeonardS — Mon, 02 Mar 2020 16:17:14 GMT

To report the interest you received on a land contract follow these steps:

With TurboTax open Type Interest in the search box.
Click on Jump to interest in the results window.
On the page Did you receive any interest income?, click Yes.
Click on I'll type it in myself.
Follow the screen prompts to enter your interest.