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How do I record income from Mortgage interest?

I carry the mortgage for my son's home in Rhode Island. I live in Washington State.
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1 Reply
AmyC
Employee Tax Expert

How do I record income from Mortgage interest?

You will report the interest you earned on Fed Sch B.  Follow these steps:

  1. go to federal income,
  2. interest, 
  3. skip import,
  4. received from -enter description like son's mortgage
  5. enter amount of interest
  6. continue, none,
  7. continue

Rhode Island does tax non-source income but interest is only taxed when associated with a business or trade. Yours would not be taxable  according to RI DOR.

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