Updated over 7 years ago on . Most recent reply
1098 Interest Tax Form Question
I was hoping I could get some direction from an accountant or someone with tax preparation knowledge. I am working on completing my 1098 interest forms. I have a situation where I have two borrowers (an individual and a LLC) on a single note. I need to prepare the 1098 interest form but don't know whether I prepare two separate 1098's and divide the interest or put both borrowers on one 1098 form. Please advise.
Most Popular Reply
@Theodore Rivera I'm going to take a different tactic on this one. In past years I would prepare my own 1098 forms and realized my time could be better spent on doing deals. If you use a servicing agent or a tax accountant they will take of this for you at a nominal fee. Plus you get to sleep better at night not worrying about if they were prepared correctly or what advice was accurate!