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Posted by barefooter on January 16, 2008, 4:05 pm
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I sold some property in 2007 and I received interest income (I am
carrying the note).
QUESTION: Do I need to file the Form 1099 or does the person that is
paying me interest need to file it?
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Posted by Paul Thomas, CPA on January 16, 2008, 4:19 pm
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>I sold some property in 2007 and I received interest income (I am
> carrying the note).
>
> QUESTION: Do I need to file the Form 1099 or does the person that is
> paying me interest need to file it?
The person or business paying the interest would issue the 1099 if they are
required to do so.
You can prepare your returns based on the interest income you know you
received. You have an amortization schedule, yes?
--
Paul A. Thomas, CPA
Athens, Georgia
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Harlan Lunsford on January 16, 2008, 5:10 pm
Please log in for more thread options barefooter wrote:
> I sold some property in 2007 and I received interest income (I am
> carrying the note).
>
> QUESTION: Do I need to file the Form 1099 or does the person that is
> paying me interest need to file it?
>
If you are a private individual, and NOT in the business of making money
off of interest, then you have no requirement to issue a form 1098! (not
1099)
ChEAr$,
Harlan Lunsford, EA n LA
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Phil Marti on January 16, 2008, 5:24 pm
Please log in for more thread options "barefooter" wrote:
>I sold some property in 2007 and I received interest income (I am
> carrying the note).
>
> QUESTION: Do I need to file the Form 1099 or does the person that is
> paying me interest need to file it?
Probably no one, but if anyone does, it would be the person paying the
interest. See the instructions for the 1099 series.
If this is mortgage interest you would have the obligation of filing a 1098
only if the interest income was in the course of your trade or business.
See the 1098 instructions.
--
Phil Marti
Clarksburg, MD
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Harlan Lunsford on January 16, 2008, 8:44 pm
Please log in for more thread options Phil Marti wrote:
> "barefooter" wrote:
>
>> I sold some property in 2007 and I received interest income (I am
>> carrying the note).
>>
>> QUESTION: Do I need to file the Form 1099 or does the person that is
>> paying me interest need to file it?
>
> Probably no one, but if anyone does, it would be the person paying the
> interest. See the instructions for the 1099 series.
>
> If this is mortgage interest you would have the obligation of filing a 1098
> only if the interest income was in the course of your trade or business.
> See the 1098 instructions.
And the payor would file a 1099INT only if paid in connection with his
trade or business, e.g. the property in question being used as a store
building maybe.
ChEAr$,
Harlan Lunsford, EA n LA
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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