seller finance

[BON]

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?

[sjrcpa]

The purchaser sends the payments to a title company, and not to the seller?

[BON]

Thank You.  So do I enter the sellers SSN and Title Company Address for Schedule B?

[George4Tacks]

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

[BON]

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.

[George4Tacks]

Interest on Schedule B - reference the seller via the title company

Principal goes on the 6252

[BON · Accepted solution]

 Thank You so much for your expertise and patience. Everything looks good.