Income Tax Preparation
GainsKeeper Compatible
  Seller-Financed Mortgages

If you are holding a mortgage on property that the buyer is using as a personal residence, you must list the amount of interest received from the buyer as your first interest item on the lines provided for details under Line 1 of Schedule 1 or B.

Also include the buyer's name, Social Security number and address. If you don't, you can get socked with a $50 fine.


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