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Old 01-18-2007, 01:03 AM
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Form 1098 - do I need to file?

What is the name of your state? California

I sold a house to my son in 2006, and it's a seller-financed deal where he is making monthly payment to me. Do I need to file 1098 to report the interest income I received from his monthly notes payment to me in 2006 and for him to deduct the interest expense for tax purpose? Thanks.
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Old 01-18-2007, 09:39 AM
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Quote:
Originally Posted by jlcl View Post
What is the name of your state? California

I sold a house to my son in 2006, and it's a seller-financed deal where he is making monthly payment to me. Do I need to file 1098 to report the interest income I received from his monthly notes payment to me in 2006 and for him to deduct the interest expense for tax purpose? Thanks.
No, its not necessary for you to file a 1098. As long as you give him your SS number, he can deduct the interest on his schedule A. You would report the interest income that you are receiving on your schedule B.
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