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Q&A: Reporting interest paid on “seller carryback loans” to IRS?

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Question by insurancelawcase: Reporting interest paid on “seller carryback loans” to IRS?
I found a property where owner is willing to finance the deal by caring a note “seller carryback” which is fine. But come end of the year how should I report to the IRS that I paid interest on the payments…since normal mortgage companies send you year-end statement indicating total interest paid?

Obviously I could mannually calculate total interest paid and report on my taxes…but I wonder if it’ll set off alarms with IRS?

I appreciate any feedback. Thank you.

Best answer:

Answer by Derrick
You should report this to the IRS, it will not set off any flags.

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