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