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February 23, 2022
Question

Where do I enter 1098 mortgage interest income for my LLC

  • February 23, 2022
  • 1 reply
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I sold a rental property that I owned under my LLC with seller (LLC) financing, interest only payments for 5 years with a balloon payment for the total principal. Where do I enter the interest income (1098) and is this considered an installment sale?

1 reply

February 23, 2022

In TurboTax Business, this interest income is entred as Other income > All Other Income. Describe it as Seller-financed interest received.

 

No, this is not an installment sale.

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