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?
Best Answer Click here
Thank You so much for your expertise and patience. Everything looks good.
Thank You. So do I enter the sellers SSN and Title Company Address for Schedule B?
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
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.
Interest on Schedule B - reference the seller via the title company
Principal goes on the 6252
Thank You so much for your expertise and patience. Everything looks good.
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.