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Updated almost 2 years ago,

Jason Griffin's profile image
Jason Griffin's profile image
Jason Griffin
  • Member since Jun 11, 2021
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7
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3
Votes
Jason Griffin's profile image
Jason Griffin's profile image
Jason Griffin
  • Member since Jun 11, 2021
Connect
Jason Griffin
3
Votes |
7
Posts
Private Lending & Conventional Mortgage Advice

Seller-financed property... Do I need to issue a 1099 for interest paid?

Jason Griffin
Posted

We purchased a triplex in 2022 where the seller held the loan/note. This purchase was made in a newly created LLC. Do we need to 1099 the seller for the ~$5600 in interest that was paid on the loan in 2022 in order to deduct this interest expense? Or is it up to the seller to claim this income on his own?

Thank you!

Jason - BDG Homes

Philadelphia, Pennsylvania
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