If you received interest you would not have this on a 1098 reported to you. You would issue a 1098 to the people who are paying the mortgage payments and interest to you if in the course of your trade or business you received interest of more than $600. If this was not related to a trade or business, then you would not need to issue a 1098.
Is the mortgage you are holding an installment sale or just a regular, you financed the home for someone and they are paying you back principal and interest.
If it is an installment sale, then to enter in TurboTax you will select the following:
- Federal
- Income and Wages
- Installment Sales Under Miscellaneous Income
- Walk through and enter all of the information for the entire property
- Enter the payments received in 2025 and enter the amount for interest received and hit continue.
- TurboTax will do the calculations from there
If this is a finance and you are just receiving interest you will enter it by selecting the following:
- Federal
- Income
- Interest and Dividends
- Start next to interest on 1099-INT
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