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Where do I enter mortgage interest I received from a private mortgage I hold?
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Where do I enter mortgage interest I received from a private mortgage I hold?
You enter mortgage interest received just AS IF you had received a form 1099-INT from a bank.
In TurboTax, you can enter your form 1099-INT by following these steps:
- In TurboTax, open your tax return
- Click on Federal in the left-hand column, then on Wages & Income on top of the screen
- Scroll down to All Income, locate the section Interest and Dividends and click on Show more
- Click Start next to Interest on 1099-INT.
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Where do I enter mortgage interest I received from a private mortgage I hold?
Why is there a separate prompt for investment gains and losses that were not reported on a 1099-B, but not a similar prompt for interest not reported on 1099-INT? Also, seller-financed mortgages are way down the list, but could possibly handle private mortgage entry? (Idea being there is private interest, not reported on a 1099, but the mortgage holder was not a property seller, at all?)
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Where do I enter mortgage interest I received from a private mortgage I hold?
Use the seller-financed mortgage section even if you did not sell the property.
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Where do I enter mortgage interest I received from a private mortgage I hold?
I see 2 very different answers here for reporting interest from a private mortgage when you are not the seller:
1- Just report it as if there is a 1099-INT (though there isn't one)
2- Report it as a seller-financed mortgage, even if you are not the seller (which seems inaccurate)
Which is the best method for this quite common situation where a mortgage (loan secured by real property and recorded a such) is held by a third party such as a parent or relative or business associate, but not by a bank, or by the seller of the property?
Further clarification much appreciated!
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Where do I enter mortgage interest I received from a private mortgage I hold?
Use option 2 since you must report the name/address/SS# of the payer since you are holding a mortgage. The payer must report YOUR name/address/SS# on their Sch A if they want to deduct the mortgage interest they are paying you. Doing this cross references the payments from them to you for the IRS.
Use option 1 only if you are holding a loan that is NOT for a mortgage where you are holding the paper/lien.
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