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I have a client that sold vacant land with carry backed finance. The interest income statement is from a title company so when I enter the interest income on screen 11 and it is seller financed mortgage when you scroll down to additional information do I enter the sellers SSN and the address of the payer for schedule B?
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The purchaser sends the payments to a title company, and not to the seller?
The more I know the more I don’t know.
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Thank You. So do I enter the sellers SSN and Title Company Address for Schedule B?
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Enter the 1099 just like any other interest income. I do not think this is seller finance interest. From the instructions for Schedule B
Seller-financed mortgages. If you sold your home or other property and the buyer used the property as a personal residence, list first any interest the buyer paid you on a mortgage or other form of seller financing
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So on Screen 11 I just enter it as interest income and not seller financed interest income? He did not receive a 1099 just a statement from the Title Company showing principal and interest payments for the amount carry back.
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Interest on Schedule B - reference the seller via the title company
Principal goes on the 6252
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Thank You so much for your expertise and patience. Everything looks good.
