Am I required to send 1099

[tomflkeys]

If I sell my house and loan the money to the buyers, must I send them a 1099 each year with the amount of interest paid?What is the name of your state (only U.S. law)? FL

 

[LdiJ]

If I sell my house and loan the money to the buyers, must I send them a 1099 each year with the amount of interest paid?What is the name of your state (only U.S. law)? FL

It would not be a 1099, it would be a 1098.

 

[tomflkeys]

Thanks for the correction. Then must I send a 1098 each year?

 

[LdiJ]

Thanks for the correction. Then must I send a 1098 each year?

No you are not required to do so for a private contract sale. However you do need to provide the buyer with your name, address, and social security number so that the buyer can deduct the interest on their schedule A.

You also need to be claiming the interest as income on YOUR tax return.