Interest Tracking for Seller Financing

[Steve Cady]

Another newb here trying to figure it all out. I have a general question about seller financing.

On a traditional bank loan, the bank sends out a 1098 mortgage interest statement to show what interest you paid for tax purposes. How does that work for seller financing? I would assume most sellers don’t have the understanding or willingness to put something like that in writing each year for the buyer.  Also, if any extra payments were made that would change up the originall amortization schedule, that would be another thing the seller would have to have to figure out. As an investment property, does the buyer/investor usually take on the responsibility of tracking that or does it not work the same way as a conventional loan?

I don’t have any deals in the works, just trying to expand my knowledge.

Thanks all!!!