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#6
01-17-2008, 08:41 PM
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 Re: Form 1099-Int--Buyer or Seller file it? ebetts3[at]msn.com wrote: - quote - > > Also, since it is seller financed property, the Sch B must show the name, address & SSN
Not always true; only if the buyer is using the property as a personalof the payer. residence. ChEAr$, Harlan Lunsford, EA n LA -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#5
01-17-2008, 03:20 PM
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| Re: Form 1099-Int--Buyer or Seller file it? On Jan 17, 10:34*am, barefooter <randy.barefoo...[at]gmail.com> wrote: - quote - > On Jan 16, 7:44*pm, Harlan Lunsford <hnslunsf...[at]bellsouth.net> wrote:
--> > Phil Marti wrote: > > > "barefooter" wrote: > > > > I sold some property in 2007 and I received interest income (I am > > > > carrying the note). > > > > QUESTION: *Do I need to file the Form 1099 or does the person that is > > > > paying me interest need to file it? > > > Probably no one, but if anyone does, it would be the person paying the > > > interest. *See the instructions for the 1099 series. > > > If this is mortgage interest you would have the obligation of filing a 1098 > > > only if the interest income was in the course of your trade or business. > > > See the 1098 instructions. > > And the payor would file a 1099INT only if paid in connection with his > > trade or business, e.g. the property in question being used as a store > > building maybe. > > ChEAr$, > > 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 atwww.asktax.org. * * * * * * * * > > > << * * * * Copyright (2007) - All rights reserved. * * * * > > > << ------------------------------------------------------- > > Thank you, Paul A. Thomas, Harlan Lunsford and Phil Marti, for > answering my questions. > To be more specific: > (1 )My step-mother sold property south of Dallas for $300,000, and she > is carrying a note for $250,000 at 10%. > (2) She does have an amortization schedule, and I have a copy of it. > (3) She is not in the business of selling real estate > THUS THE FOLLOWING APPEARS TO BE CORRECT: > (1) She needs to do nothing concerning the interest she received other > than report it as taxabble income. *That is, she is required to file > no forms, including Form 1098 or Form 1099. > (2) The purchaser of the property should determine what he should or > should not do. > Is the above correct? *(I am an idiot, so I ask the question, etc...) > -- > << ------------------------------------------------------- > > << 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 atwww.asktax.org. * * * * * * * * > > << * * * * Copyright (2007) - All rights reserved. * * * * > > << ------------------------------------------------------- > > - Hide quoted text - > Also, since it is seller financed property, the Sch B must show the name, address & SSN of the payer. << ------------------------------------------------------- > << 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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#4
01-17-2008, 02:34 PM
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| Re: Form 1099-Int--Buyer or Seller file it? On Jan 16, 7:44*pm, Harlan Lunsford <hnslunsf...[at]bellsouth.net> wrote: - quote - > Phil Marti wrote:
answering my questions.> > "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 atwww.asktax.org. * * * * * * * * > > << * * * * Copyright (2007) - All rights reserved. * * * * > > << ------------------------------------------------------- > Thank you, Paul A. Thomas, Harlan Lunsford and Phil Marti, for To be more specific: (1 )My step-mother sold property south of Dallas for $300,000, and she is carrying a note for $250,000 at 10%. (2) She does have an amortization schedule, and I have a copy of it. (3) She is not in the business of selling real estate THUS THE FOLLOWING APPEARS TO BE CORRECT: (1) She needs to do nothing concerning the interest she received other than report it as taxabble income. That is, she is required to file no forms, including Form 1098 or Form 1099. (2) The purchaser of the property should determine what he should or should not do. Is the above correct? (I am an idiot, so I ask the question, etc...) -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#3
01-17-2008, 12:44 AM
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| Re: Form 1099-Int--Buyer or Seller file it? Phil Marti wrote: - quote - > "barefooter" wrote:
And the payor would file a 1099INT only if paid in connection with his> > I sold some property in 2007 and I received interest income (I am > > carrying the note). > > > QUESTION: Do I need to file the Form 1099 or does the person that is > > paying me interest need to file it? > Probably no one, but if anyone does, it would be the person paying the > interest. See the instructions for the 1099 series. > If this is mortgage interest you would have the obligation of filing a 1098 > only if the interest income was in the course of your trade or business. > See the 1098 instructions. trade or business, e.g. the property in question being used as a store building maybe. ChEAr$, 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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#2
01-16-2008, 09:24 PM
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| Re: Form 1099-Int--Buyer or Seller file it? "barefooter" wrote: - quote - > I sold some property in 2007 and I received interest income (I am
Probably no one, but if anyone does, it would be the person paying the> 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? 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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#1
01-16-2008, 09:10 PM
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| Re: Form 1099-Int--Buyer or Seller file it? barefooter wrote: - quote - > I sold some property in 2007 and I received interest income (I am
off of interest, then you have no requirement to issue a form 1098! (not> 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 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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01-16-2008, 08:19 PM
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| Re: Form 1099-Int--Buyer or Seller file it? "barefooter" <randy.barefooter[at]gmail.com> wrote - quote - > 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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#-1
01-16-2008, 08:05 PM
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| Form 1099-Int--Buyer or Seller file it? 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 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. > << ------------------------------------------------------- > |
| Tags |
| 1099intbuyer, file, form, seller |
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