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dbretz
New Member

I Need to produce 1099int. I sold my house but carry the note from the buyer. Which product do I need to use in order to produce 1099INT for the mortgagee?

Can I produce a 1099INT using any TT product

1 Best answer

Accepted Solutions
SweetieJean
Level 15

I Need to produce 1099int. I sold my house but carry the note from the buyer. Which product do I need to use in order to produce 1099INT for the mortgagee?

You do not need to produce a 1099-INT. You can just write the buyer a letter with the relevant data, assuming that the mortgage has been recorded. You may wish to get an EIN for this purpose. (I have done this myself for many years without any problems).

Remember that you must claim the interest received as income on your own return.

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2 Replies
SweetieJean
Level 15

I Need to produce 1099int. I sold my house but carry the note from the buyer. Which product do I need to use in order to produce 1099INT for the mortgagee?

You do not need to produce a 1099-INT. You can just write the buyer a letter with the relevant data, assuming that the mortgage has been recorded. You may wish to get an EIN for this purpose. (I have done this myself for many years without any problems).

Remember that you must claim the interest received as income on your own return.

rjs
Level 15
Level 15

I Need to produce 1099int. I sold my house but carry the note from the buyer. Which product do I need to use in order to produce 1099INT for the mortgagee?

I think you are thinking of Form 1098, not 1099-INT. Form 1099-INT is issued by the payer of the interest, not by the person who receives the interest. The payer (such as bank that pays interest on an account) sends the 1099-INT to the person who receives the interest. Form 1098 is issued by a mortgage lender to the person who is making the mortgage payments, showing how much interest the payer paid to the lender. But neither Form 1098 nor Form 1099-INT is used for a seller-financed mortgage.

You do not issue a Form 1098. If you need to tell the buyer how much interest he paid you, do what SweetieJean suggested and send the buyer a letter with the information.

You do not need a 1099-INT to report the interest income that you received. Just enter the amount of interest in TurboTax as if you got a 1099-INT. All you have to enter is the payer's name, and the amount of interest in box 1. It doesn't matter that you didn't actually get a 1099-INT.

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