Re: OT: Tax question. Intrest on Contract for Deed

Posted by 6N's Short on April 10, 2005 at 19:12:59 from (205.188.117.13):

In Reply to: OT: Tax question. Intrest on Contract for Deed posted by Kelly C on April 10, 2005 at 12:30:36:

Hi Kelly - I'm a CPA and do a lot of returns. Calling the IRS is futile as you are pretty much going to get an operator and not a tax expert and really cannot trust the info they provide. The form you should receive is a Form 1098 and not a 1099. 1098 is for reporting mortgage interest. The 1099 is for reporting various types of income.
Having said that, most payees on land contracts do not know to file these forms so they do not do that. The IRS is pretty much cool with this and has provided a line on schedule A where YOU can report how much you paid and the name and ID number of the person you paid it to. Any questions, feel free to ask. My email is open and it won't cost you a thing. Lord knows I am here all the time.......

until Friday!

(Then I'll be down at the hayfield!)

Dave

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