Quote:
Originally Posted by Freddy44
I have am the note holder for a seller-financed loan for a condo I am financing for a friend of a friend.
For me to create a form 1098 mortgage interest deduction form for the buyer, *I* must create it, correct?
Can the buyer create his own 1098 form without my interaction? I know, dumb question but I just want to know.
Overall question: I am sure that many times the 1098 form isn't created for many people. Of course they lose out on the mortgage interest deduction. Correct?
Sorry to bother,
Thanks so much,
Freddy
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I'm way out of my league on tax issues...
That said... I have bought homes with seller financed mortgages and never have I recieved a 1098.
The title company always provided an amortization schedule and each month I would write my check number for the month paid... at the end of the year, the numbers were already tallied as long as the checks went out on time.
My CPA never asked for a 1098 either... he did need detailed information to list who was receiving the interest payment and it is listed on my tax return.