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SarahBaran
Level 1
November 16, 2022
Question

Holding two mortgages......

  • November 16, 2022
  • 1 reply
  • 12 views

I sold a house in 2019 and one in 2022.  I am the "bank."  How do I claim the monthly money I'm sent?

    1 reply

    rferreira 1
    Level 4
    November 16, 2022

    You should have an amortization schedule for each loan which breaks down each monthly payment into interest and principal amounts.  You would then report the total interest received on your Schedule B with the payors name and Social Security number.  You then tell the payor what you are claiming so that they can write off the same amount on their tax return.  They will need your Social Security number as well.

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