1098

Forum|Forum|3 years ago
January 16, 2023
1 reply
11 views

I loaned my son money to build his house. He pays me monthly and I track the principal and interest. In the past I have gone to a CPA to create a 1098 to send to the IRS and my son, to report the amount of interest each year. I then report that interest in my return as income. How do I do this in TurboTax

Anonymous_

Level 15

@petekjm wrote:

How do I do this in TurboTax

TurboTax does not support the issuance of Form 1098.

See https://www.irs.gov/pub/irs-pdf/f1098.pdf

Critter-3

Level 15

Unless you are in the BUSINESS of loaning money a 1098 is NOT needed ... if the CPA charged you to do it they were just padding their bill.

All they need is your name, address, SS# or EIN and the amount they paid in interest which should come from an amortization schedule you both should have in hand. And you need their name, address and SS# for your Sch B.