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Good morning! I have a client who owner financed a lot to an LLC. ProConnect states that the IRS will not accept an EIN on an installment agreement nor to report interest income. The buyer refuses to give their SSN. My client is willing to recognize the entire capital gain for 2021, but how can I report the interest income if the IRS will not accept the EIN? All help tremendously appreciated
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Just report it as if it was bank interest.
CAGMC.
The more I know the more I don’t know.
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Are you sure this wasn't provided at closing?
I send a W9 with a letter, such as:
"It concerns me that the IRS won't accept the reporting of the interest as a deduction on the part of the payer (you) without the right tax number being on file with the lender (me) for purposes of informational reporting and matching and verification. Please fill in the enclosed form and return it to me for my files."
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