Why was I not asked about my mortgage interest received?

It depends. For mortgage interest received, referring to someone paying you their mortgage payment and you are the lender to the buyer, the interest is reported on Line 2a on page 1 of Form 1040. Enter in the Wages& Income section under Interest. Identify the interest using the borrower's social security number and address.  

 

For mortgage interest expense paid, this is entered under Deductions and Credits. Scroll to all tax breaks, Your Home and click Show More. Select Mortgage Interest and Refinancing (Form 1098) and click Start.

 

@emceegill

I have a 1098 with me listed  as recipient/lender.  Box 1 shows the $ received from borrower.  Where and how do I enter it?

 

On the turbotax form for 1098 nothing fits as a recipient and not the payer.  If I enter as interest income I don't have a 1009-int to show it.

 

Help

We'd love to help you complete your tax return but need more information. Can you please clarify your question?

Did you pay a mortgage on your home, or did you give someone else a mortgage on a home you sold to them?

I have the money invested with a group that loans money for people flipping houses.  (Short term loans).  The 1098 shows the money that I received from the interest on those loans.  As mentioned it shows me as the recipient/lender and the group as the payer.  Box 1 mortgage interest received shows the amount I received.  

 

 

Please clarify? Is the 1098 form for business property your disposed of?

read the previous thread, please.  I have sold nothing.  It is money invested with a group doing short term loans to flippers.  I receive the interest based on my investment.  I am the lender/recipient  and amount shows on box 1. There was no property sold by me.  

 

The interest that you received does not need to be reported in the mortgage section. You don't need to have a 1099-INT to enter the money that you received. This will be correctly reported on Schedule B.

 

To report the interest that you received, follow these instructions:

 

In TurboTax online,

• At upper right corner, in search box, type in 1099int then Enter 
• Select "Jump to 1099int"
• Choose type it in myself
• Enter the payer
• Enter your interest in Box 1 

You don't need to have a 1099-INT form to do this. 

 

@pastorfred

 

 

 

 

 

 

thankyou.  It will not be a problem since the 1098 was filed by the payer?

No, as long as you enter the interest that was shown on the form, the IRS can match the interest on Form 1098 with the interest that you report. It is not a problem and will not raise a red flag as long as the income is reported.