Does a 1098 or 1099-INT need to be filed for a private mortgage?

[lnk-fr]

Does a 1098 or 1099-INT need to be filed for a private mortgage? 
Any info would be greatly appreciated. 

[Anonymous_]

1099s are for trade or business reporting (although you can always file a 1099 even if it is not required).

If you receive mortgage interest of $600 or more in the course of your trade or business, you are subject to the requirement to file Form 1098, even if you are not in the business of lending money.

See https://www.irs.gov/pub/irs-pdf/i1098.pdf

[Vanessa A]

Yes, if you are the lender, you would need to issue the person paying the mortgage and interest to you a 1098.

If you are the borrower, then the lender, even though private, will need to send you a 1098.  If they do not send you one, you will just select "This is a seller financed loan and I did not receive a 1098".  TurboTax will ask you for the lenders address and social security number or EIN. You will need to contact them to get that information.  If you cannot get all of the information required, you will need to print and mail your return in order to claim the mortgage interest paid to them. 

[Anonymous_]

If you receive mortgage interest of $600 or more in the course of your trade or business, you are subject to the requirement to file Form 1098, even if you are not in the business of lending money.

[lnk-fr]

What you're saying isn't true if you read what comes after what you quoted from the IRS. Am I wrong?

[Anonymous_]

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@lnk-fr wrote:

What you're saying isn't true if you read what comes after what you quoted from the IRS. Am I wrong?

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Can you at least cite the language to which you are referring?

[KrisD15]

"If you receive mortgage interest of $600 or more in the course of your trade or business, you are subject to the requirement to file Form 1098, even if you are not in the business of lending money."

"in the course of your trade or business"

The first requirement, to be a business.

"even if you are not in the business of lending money."

IF YOU ARE A BUSINESS, you file a 1098 even if that is not your main business income. 

So in other words, if I have a business selling tires, and I sell you tires on a credit basis with interest, I have to issue you a 1098 for the interest I collect. 

If I am your neighbor, NOT A BUSINESS OWNER, and we agree that you will make payments to me with interest to buy my used tires, no requirement to issue a 1098. 

Same with Real Estate. 

If "mortgaged" by a Developer, bank, or other type of Lender or business owner, they must issue a 1098. 

If "mortgaged" by previous private owner, not required.

The purchaser should always get a Social Security number of the person facilitating the loan so that the IRS can trace the interest the purchaser is deducting to the same amount of interest that the seller is claiming as income. If the Seller doesn't want to give out their Social Security Number, they can apply for an EIN. 

This information should be clear on the note you both sign agreeing to the terms. 

@lnk-fr