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Returning Member

Interest income of Seller financed loan Form 1041 where does it get entered

 
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Level 15

Interest income of Seller financed loan Form 1041 where does it get entered


@Thomas Loughman wrote:

I would like to change the label this in other Income as to just  "Mortgage Interest" or "interest on Seller Financed mortgage". Any suggestions?


You can change it easily in the Other Income section (see screenshot); simply delete the description and enter a new description and the amount of interest received.

 

oi.png

 

 

View solution in original post

3 Replies
Level 15

Interest income of Seller financed loan Form 1041 where does it get entered

Did the trust or estate enter into an installment agreement in 2019?

 

If so, you need to prepare Form 6252 in Forms Mode.

 

You can enter interest received in the Other income section.

Returning Member

Interest income of Seller financed loan Form 1041 where does it get entered

Thank you for your feed back.

 

The trust entered into the agreement in 2017. My sister prepared the returns in prior years and labeled the interest in other Income as "Installment Sale".  I would like to change the label this in other Income as to just  "Mortgage Interest" or "interest on Seller Financed mortgage". Any suggestions?

Level 15

Interest income of Seller financed loan Form 1041 where does it get entered


@Thomas Loughman wrote:

I would like to change the label this in other Income as to just  "Mortgage Interest" or "interest on Seller Financed mortgage". Any suggestions?


You can change it easily in the Other Income section (see screenshot); simply delete the description and enter a new description and the amount of interest received.

 

oi.png

 

 

View solution in original post

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