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eremartin1
Returning Member

Form 1098 and Identity Theift concern

For seller financing, do I have to provide my SSN number on a 1098 form I am giving to the purchaser of a house I sold with owner financing?  Or can I fill out the form without my SSN and give it to him?

I have read the instructions for the form and from what I understand is that since I do not make my business doing real estate I don't have to send the form in however the buyer had asked for the form, because his tax preparer asked for it, so I need to provide one to him for the information as to the interest he has paid.  However I am hesitant to put my SSN on the form due to potential Identity Theft because if I give him the form completely filled out he now has my SSN.  His payment history leaves very little confidence for me in him so I don't know how to proceed.

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1 Reply
rjs
Level 15
Level 15

Form 1098 and Identity Theift concern

You do not have to give the buyer a Form 1098 because you are not in the business of making mortgage loans. Tell him to tell his tax preparer to look at the IRS instructions for Form 1098 and Schedule A. However, you do have to give him your SSN. He has to put your name, address, and SSN on Schedule A of his tax return in order to claim a deduction for the interest that he pays to you. He also has to give you his SSN, and you have to put his name, address, and SSN on Schedule B of your tax return when you report the interest income.

 

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