Mike12321
Level 4

Client received a 1099-Int for interest buyer paid on installment sale for the year. I have never seen this before for a sale. The 1099 is in the buyer's name. The sale is reported on for 6252 and the interest payments carry to sch b already under the property address. The gain from the sale is also reported. Client contacted the buyer's accounting firm and they told him they had to report the interest to the IRS this way. I am concerned the IRS will think the interest from the 1099-Int is additional interest and my client will get a letter/adjustment notice. Has anyone got some input for me?

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