I am working with a customer who loaned money to her cousin to purchase a house.An amortization schedule was set up (for 15 years),with the loan being secured by the home.My question is,what would be the correct way to report this interest on Schedule B?Thank you in advance for your help!
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Additional Information
I agree with the earlier post today that there is alot of good information contributed by many on this board......Thank you for it,and I will try to contribute more (for whatever it's worth) in the future.To add more information to the above question,I know for a seller-financed mortgage that if the purchaser is using it as their main home,you need to include their name,address and SS# on Schedule B when you report the interest that they paid to you.Would I possibly enter this transaction as a "secured personal loan", with the payers same personal information?Thanks again for your help.
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