Question

Why is my turbo tax premier putting my interest received from a seller financed property in the 1099int portion and not in the seller financed area?

Forum|Forum|3 years ago
January 18, 2023
1 reply
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been using TTax for over 20 years, have had this income for over 8 years and report it every year, it never carries forward the 1098 information. and never puts the interest in the same spot every year.

TurboTax Online

rjs

Employee

I don't understand what you mean by "the 1099int portion" and "the seller financed area." All interest income goes in the first section of Part I of Schedule B, both from a seller-financed mortgage and from a 1099-INT. The seller-financed mortgage is supposed to be listed first, and TurboTax does that. It did it the same way last year.

Are you sure you're entering the interest income correctly? There are separate topics for interest on a 1099-INT and interest from a seller-financed mortgage.

I also don't understand what you mean by "the 1098 information." You get Form 1098 for interest that you pay to a mortgage lender, not for interest income that you receive. And you don't issue a Form 1098 for a seller-financed mortgage. You should not be entering a 1098 for your interest income from a seller-financed mortgage.

O

ORIGINAL-ENIGMAAuthor

I issue a 1098 to the buyer. When i am filling out my taxes, under "Other interest and Dividends" second item, asks if you received interest from a "Seller Financed Mortgage" which i check the box for. Then i enter the buyers info and amount of interest received. Since this last update it now puts it in the correct area. but i had to delete form 6252, Installment Sale Income, for some reason that is where it put the interest from the Seller Financed Mortgage information the first time and on Schedule B. Until this last update. All good now.