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January 6, 2024
Question

Interest from seller financed loans also shows up on 1099-INT

  • January 6, 2024
  • 1 reply
  • 0 views

I entered the interest I made from a seller financed loan under the Interest and Dividends section, item #4 that says "interest from seller financed loans" but it also flows through to the 1099-INT field.  I only made $6612 on my return it is showing double that amount as taxable income.  Is that correct?  There's no entry under the 1099-INT field for me to delete to only get the income to count once.

    1 reply

    Employee
    January 6, 2024

    Can you delete what you entered and see what happens?

    sarymaryAuthor
    January 9, 2024

    I figured it out.  I entered an installment sale and also entered the information under the seller financed loan section so that is why it was double counting.  I was only supposed to under it under the installment sale section.