Something just crossed my mind today while posting interest income due to a mortgage we hold on a property. It's coming up on one year that we have been receiving the mortgage payments. I have done the amortization schedule calculator and have printed out the principal and interest payments and totaled them for the year. I will be claiming the interest as income and our buyer will be claiming the interest paid on his IRS return.
I was wondering if I am required to provide to the buyer any kind of official document such as a 1099 and also does this have to be submitted to the IRS? Anyone have an answer to this question? Thanks in advance.
I was wondering if I am required to provide to the buyer any kind of official document such as a 1099 and also does this have to be submitted to the IRS? Anyone have an answer to this question? Thanks in advance.