In Schedule E, Where do we enter If the bank did not issue Form 1098 mortgage interest paid and just sent an email confirmation for the amount?

Forum|Forum|6 years ago
May 8, 2020
2 replies
18 views

No text available

ProConnect Tax Online

This topic has been closed for replies.

Camp1040

Level 10

If it is mortgage interest, why no 1098 or similar statement, what financial institution just sends and email?

Line 13, Schedule E

abctax55

Level 15

Plumas Bank (a CA regional bank) does EXACTLY that on a commercial loan, secured by real estate. THEY say they don't have to issue a Form 1098 because it is 'deemed to be a line of credit'capel. Sigh.

@suneelamolagaval - I list it on the 'other' interest line & footnote the details to avoid IRS challenges.

HumanKind... Be Both

itonewbie

Level 15

You'll report that on the same line for Mortgage - banks, etc. (Form 1098) [Adjust].

You've probably confused this with seller-financed mortgage.

Generally, if your client received the loan from a lender and paid $600 or more in interest during the year, the lender is required by law to issue a 1098. It does not sound right if the lender is a bank and it did not issue a 1098, assuming the interest was at least $600.

---------------------------------------------------------------------------------Still an AllStar

Sign up

Login with SSO

Let's get you signed in

Login with SSO