Privately held Mortgage - not seller-financed

[vanmaur3]

I hold a recorded mortgage for my son's home. It is not property that I previously owned. Do I have to complete a 1098?

[rjs]

You do not have to issue a Form 1098 to your son because you are not receiving the interest "in the course of your trade or business." But you and he have to agree on how much of the payments that he made is interest. You should have a payment schedule showing how much of each payment is principal and how much is interest.