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mpholway
New Member

how do I record mortgage income?

I hold a mortgage and made $6211.41 of interest. Where do I record that?
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6 Replies

how do I record mortgage income?

If you as the seller financed the mortgage -

 

Click on Federal Taxes (Personal using Home & Business)

Click on Wages & Income (Personal Income using Home & Business

Click on I'll choose what I work on (if shown)

Under Interest and Dividends

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

mpholway
New Member

how do I record mortgage income?

I'm using turbotax premium and the menu options you are suggesting are no applicable.  Additionally I did not sell the home.  I only financed it.

 

SharonD007
Employee Tax Expert

how do I record mortgage income?

Do you mean that you paid $6211.41 of interest and you want to deduct it on your Schedule A?

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how do I record mortgage income?


@mpholway wrote:

I'm using turbotax premium and the menu options you are suggesting are no applicable.  Additionally I did not sell the home.  I only financed it.

 


Click on Federal 

Click on Deductions & Credits

Under Your Home

On Mortgage Interest and Refinancing (Form 1098), click on the start button

mpholway
New Member

how do I record mortgage income?

No, I hold a mortgage for someone and I have to claim the interest  income.

Vanessa A
Employee Tax Expert

how do I record mortgage income?

 You can enter the mortgage interest you receive by selecting the following:

  • Federal
  • Income
  • Show more next to Interest and Dividends
  • Start next to interest on 1099-INT (you do NOT need the 1099-INT, just their name and SSN)
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