seller finance

Forum|Forum|4 years ago
March 10, 2022
1 reply
12 views

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?

Lacerte Tax

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Best answer by BON

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.

sjrcpa

Level 15

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

The more I know the more I don’t know.

B

BONAuthor

Level 3

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

George4Tacks

Level 15

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

Answers are easy. Questions are hard!

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