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In Schedule E, Where do we enter If the bank did not issue Form 1098 mortgage interest paid and just sent an email confirmation for the amount?

 
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3 Comments 3
Camp1040
Level 10

If it is mortgage interest, why no 1098 or similar statement, what financial  institution just sends and email?

Line 13, Schedule E

itonewbie
Level 15

You'll report that on the same line for Mortgage - banks, etc. (Form 1098) [Adjust].

You've probably confused this with seller-financed mortgage.

Generally, if your client received the loan from a lender and paid $600 or more in interest during the year, the lender is required by law to issue a 1098.  It does not sound right if the lender is a bank and it did not issue a 1098, assuming the interest was at least $600.

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abctax55
Level 15

Plumas Bank (a CA regional bank) does EXACTLY that on a commercial loan, secured by real estate.  THEY say they don't have to issue a Form 1098 because it is 'deemed to be a line of credit'capel.  Sigh.

@suneelamolagaval  - I list it on the 'other' interest line & footnote the details to avoid IRS challenges.

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