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Question

owner finance

Forum|Forum|1 year ago
January 27, 2025
1 reply
0 views

I am owner financing a home. By TEXAS LAW, do i need to send them a 1098 form or anything at the end of the year>

You are not required to file this form if the interest is not received in the course of your trade or business. For example, you hold the mortgage on your former personal residence. The buyer makes mortgage payments to you. You are not required to file Form 1098.

Instructions Form 1098

If you are not in the business of lending money for mortgages, then you are not required to file. This would be federal law and states normally follow the federal mandate. There is nothing to indicate Texas has a separate law in regards to this form.

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