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December 17, 2020
Question

I hold a mortgage, and have allowed my folks to skip payments due to Covid job loss. I have added the missed payments back into principal due. How do I report this?

  • December 17, 2020
  • 1 reply
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Is this income for them? Is its interest received for me?

1 reply

Critter-3
December 17, 2020

The missed payments are not income to them nor is it income to you. You can either continue with the amortization schedule that you have or redo the amortization schedule to reflect the missed payments. You will only report the payments you actually received during the year .