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How do I report income from interest on a mortgage I am holding?

 
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Employee Tax Expert

How do I report income from interest on a mortgage I am holding?

You should report the interest on the mortgage. The data entry in TurboTax depends on the actual nature of the loan.

If this is a personal loan that you gave to an individual, please enter the interest received just as if you have received Form 1099-INT. Enter your individual’s name as a Payer's name and the amount of interest received in box 1.

  1. Federal Taxes
  2. Wages & Income
  3. Interest & Dividends
  4. Interest on 1099-INT

If you have interest from a Seller-financed loan (You have a seller-financed mortgage if you sell your home and you accept a trust deed or other repayment promise as part of the payment. You are the seller if you financed part or all of the buyer's purchase price when you sold the home.) - the data entry is located under:

  1. Federal Taxes
  2. Wages & Income
  3. Interest & Dividends
  4. Interest from Seller Financed Loans

1 Reply
Highlighted
Employee Tax Expert

How do I report income from interest on a mortgage I am holding?

You should report the interest on the mortgage. The data entry in TurboTax depends on the actual nature of the loan.

If this is a personal loan that you gave to an individual, please enter the interest received just as if you have received Form 1099-INT. Enter your individual’s name as a Payer's name and the amount of interest received in box 1.

  1. Federal Taxes
  2. Wages & Income
  3. Interest & Dividends
  4. Interest on 1099-INT

If you have interest from a Seller-financed loan (You have a seller-financed mortgage if you sell your home and you accept a trust deed or other repayment promise as part of the payment. You are the seller if you financed part or all of the buyer's purchase price when you sold the home.) - the data entry is located under:

  1. Federal Taxes
  2. Wages & Income
  3. Interest & Dividends
  4. Interest from Seller Financed Loans