I went to prepare some 1098's and the program I purchased does not include them
What program do you use?
What program do you use?
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Do you actually have financial institutions as clients? Or someone at least engaged in trade or business of making mortgage loans?Originally posted by Piglee View Post
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$,
Harlan Lunsford, EA n LA -
I have a client that has 11 homes he has sold as installment sales. He likes to keep accurate records, and insists on filing them. I really agree.
Is there a limit on who has to file 1098's?Comment
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1098 Software
I use CFS Payroll.Jiggers, EAComment
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Then nothing wrong with his simply stating the interest on his stationary or in a letter to the payor. IRS regulations say to use 1098 on if in a trade or business, and no need to clog up the system with unnecessary 1098's in my opinion.Originally posted by Piglee View PostChEAr$,
Harlan Lunsford, EA n LAComment
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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.Comment
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