USA Owner Financed Mortgage

[Misty Leinberger]

Hello All - For the first time ever I have a client whose house is titled in the name of a trust. Still trying to determine if it's a grantor trust or not, but they pay the trust their mortgage and interest payments each month. Clearly, they want to claim that mortgage into their personal tax return, but they do not receive a 1098, or at least they don't have one. How is something like this handled on their 1040?

 

[pndaccountants]

Are you a potential home buyer having trouble securing financing? Are you a homeowner who wants to sell but is having trouble finding a buyer?