Posted by JPiper on January 16, 2000 at 08:01:09:
I 1098 (I believe that’s the form number) anyone from whom I receive interest…and send this form to the IRS. This would include anyone to whom you sold on a contract for deed.
The underlying mortgage that you PAY interest on is reported by that lender.
JPiper
Tax reporting for Installment Sales - Posted by Percy
Posted by Percy on January 15, 2000 at 21:35:26:
I have a couple of properties that I bought “Subject To” and sold on Contract for Deed. Should I be sending 1098/1099 forms to my tenant/buyers and the IRS to show interest payments? Is there any reporting required for the interest portion of the underlying mortgage payment?
Here’s the forms you’ll need…plus the limit. - Posted by Matt
Posted by Matt on January 16, 2000 at 09:04:31:
The Form is Form 1098. If you rec’d $600 or more of mortgage interest,
you’ll need to send the information to the person. If under $600, don’t
worry about it. If you do file a 1098, a Form 1096 must accompany it.
ftp://ftp.fedworld.gov/pub/irs-pdf/f1098_99.pdf
ftp://ftp.fedworld.gov/pub/irs-pdf/f1096_99.pdf
**** The above forms must be ORIGINALS in red ink ( I think)…You cannot
report with the above forms.