turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

bkreda
New Member

I had a owner finance mortgage in 2020, I sold the house 10-1-2020 I did not get a 1098, what do I do

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

I had a owner finance mortgage in 2020, I sold the house 10-1-2020 I did not get a 1098, what do I do

Schedule A line 8b is where you report interest you paid on a seller-financed mortgage.

Carl
Level 15

I had a owner finance mortgage in 2020, I sold the house 10-1-2020 I did not get a 1098, what do I do

Enter "as if" you received a 1098. I would expect you have some sort of paperwork that would show your outstanding balance on the loan as of Jan 1, 2020. If not, you should be able to "work it back" mathamatically and figure it. So long as it's below $750K then all the interest paid on that loan in 2020 up to and including the interest paid with the payoff amount, will be deductible as a SCH A itemized deduction.

 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question