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I have a 2nd property that sold. We carrying part of loan.They are paying interest I have a paper from escrow not a1099 The form is interest income. where do I put it?

I need help as to where to go on my tax form to add interest income? It is not a 1099 form, it doesn't have a number. just says interest income from our escrow company.
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2 Replies
HelenC12
Expert Alumni

I have a 2nd property that sold. We carrying part of loan.They are paying interest I have a paper from escrow not a1099 The form is interest income. where do I put it?

You as the seller will report interest as ordinary income in the same manner as any other interest income. See Where do I enter Form 1099-INT? Enter the buyer's name as the Payer's name & buyer's SSN and the amount of interest received in Box 1.

 

You may also enter the interest as follows: 

  1. Type 1099-int in the search box and click search.
  2. Click on Jump to 1099-int.
  3. If you already have other 1099-INT forms, select Add another 1099-INT.
  4. On the Let's import your tax info screen, select Change how I enter my form.
  5. On the How do you want to enter your 1099-INT? screen, select Type it in myself.
  6. Enter your interest in Box 1 and any other information and continue.
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I have a 2nd property that sold. We carrying part of loan.They are paying interest I have a paper from escrow not a1099 The form is interest income. where do I put it?

Did you report the sale as an installment in the year of sale  or did you report the entire sale that year ?   If you are also receiving installment payments on the principal then you need to  use the form 6252 to report the payments. 

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