Google - Do I need to provide form 1098 for interest paid to buyer of my home? I live in?
... I live in California and I sold my home in March 2015. The deal was $20,000 down payment and $25,000 in payments of $402.62 with 5% interest annu
... I live in California and I sold my home in March 2015. The deal was $20,000 down payment and $25,000 in payments of $402.62 with 5% interest annually. 5 percent of 25,000 is $1,250. Divided by 12 months is $104 dollars of interest paid in each payment of $402 that I receive. After 5 payments I sold the rest of the Note.
I received 1 payment of $214 and four payments of $402.62
After those 5 payments I sold the note. In those 5 payments I only received interest in the amount of $450 which is less than the amount required for me to file form 1098 according to the instructions on the IRS Form.
Am I correct in assuming that I don't have to file or provide the buyer with a 1098 form since he paid me less than $600 in the single mortgage during the year 2015? It also was owner financing by me, and I do not buy and sell homes for a living.
IS there anyone that can confirm this to me please?
I tried 2 tax businesses and they couldn't help me prepare the 1098 and only told me to go to the IRS.GOV website, which is where I found the information.
Any and all help is greatly appreciated
or:... I live in California and I sold my home in March 2015. The deal was $20,000 down payment and $25,000 in payments of $402.62 with 5% interest annually. 5 percent of 25,000 is $1,250. Divided by 12 months is $104 dollars of interest paid in each payment of $402 that I receive. After 5 payments I sold the rest of the Note.I received 1 payment of $214 and four payments of $402.62After those 5 payments I sold the note. In those 5 payments I only received interest in the amount of $450 which is less than the amount required for me to file form 1098 according to the instructions on the IRS Form.Am I correct in assuming that I don't have to file or provide the buyer with a 1098 form since he paid me less than $600 in the single mortgage during the year 2015? It also was owner financing by me, and I do not buy and sell homes for a living.IS there anyone that can confirm this to me please?I tried 2 tax businesses and they couldn't help me prepare the 1098 and only told me to go to the IRS.GOV website, which is where I found the information.Any and all help is greatly appreciated
