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A follow-up question just to make sure I understand.
Does a seller-financed mortgage only apply if I owned the home?
I didn't sell her a house that I owned/lived-in. She used the money to buy a house that she found on the market.
Do I claim the interest as "Other Interest" or...
Hello Tax Pros!
Background: I loaned my daughter $150k to buy a house. A closing company executed the transaction. I hold the mortgage and lien on the house. Just like a regular mortgage, I receive monthly principal and interest payments from my daughter. I give her a Form 1098 showing interest...
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