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1098's What program do you use?

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    1098's What program do you use?

    I went to prepare some 1098's and the program I purchased does not include them

    What program do you use?

    #2
    Originally posted by Piglee View Post
    I went to prepare some 1098's and the program I purchased does not include them

    What program do you use?
    Do you actually have financial institutions as clients? Or someone at least engaged in trade or business of making mortgage loans?

    I ask because one of my clients who privately financed his daughter's purchase of a house and another to a friend mistakenly filled out 1098's for several years before I convinced him it wasn't necessary.
    ChEAr$,
    Harlan Lunsford, EA n LA

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      #3
      I have a client that has 11 homes he has sold as installment sales. He likes to keep accurate records, and insists on filing them. I really agree.

      Is there a limit on who has to file 1098's?

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        #4
        1098 Software

        I use CFS Payroll.
        Jiggers, EA

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          #5
          Originally posted by Piglee View Post
          I have a client that has 11 homes he has sold as installment sales. He likes to keep accurate records, and insists on filing them. I really agree.

          Is there a limit on who has to file 1098's?
          Then nothing wrong with his simply stating the interest on his stationary or in a letter to the payor. IRS regulations say to use 1098 on if in a trade or business, and no need to clog up the system with unnecessary 1098's in my opinion.
          ChEAr$,
          Harlan Lunsford, EA n LA

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            #6
            Form 1098

            I agree with Harlan. I sold two houses and seller-financed them. I provide the buyers with an e-mail with the information as shown below:

            Mortgage Loan Information for 2009 on property at XXXX,XXXX, TX:
            Principal paid: $4,392.66
            Interest Paid: $ 12,417.34
            Escrow Paid: $ 7,190.00 (tax & ins was increased)
            Real Estate taxes paid: $ 5,956.05 ( prior year was $ 5,472.21)
            Insurance paid: $ 1,210.31 (prior year was $ 1,100.97)
            Balance Due on Loan: $ 175,000.48
            Remaining payments as of Dec 31, 2009 under the terms of contract: 147 plus a balloon payment on the 148th payment.

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