- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Alrighty, let me try:
"Seller-financed" is the part where you are reporting the info to the IRS about the party you pay or pays you.
"An estate or trust claiming an interest deduction for qualified residence interest (as defined in section 163(h)(3)) on seller-provided financing must include on an attachment to the 2019 Form 1041 the name, address, and TIN of the person to whom the interest was paid or accrued (that is, the seller).
If the estate or trust received or accrued such interest, it must provide identical information on the person liable for such interest (that is, the buyer). This information doesn't need to be reported if it duplicates information already reported on Form 1098."
The income is Income:
"Line 1—Interest Income
Report the estate's or trust's share of all taxable interest income that was received during the tax year. Examples of taxable interest include interest from:
Accounts (including certificates of deposit and money market accounts) with banks, credit unions, and thrift institutions;
Notes, loans, and mortgages;
U.S. Treasury bills, notes, and bonds;
U.S. savings bonds;
Original issue discount; and
Income received as a regular interest holder of a real estate mortgage investment conduit (REMIC)."
Hope that helps.
"Level Up" is a gaming function, not a real life function.
