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private mortgage for rental property

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tla Guest	Posted: Wed Apr 13, 2011 3:12 pm    Post subject: private mortgage for rental property Like 0 Dislike 0 Do I need to report the income and private mortgage if it is wash? I don't have a 1098 from the private contract as the balance was forgiven as a gift.
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Wed Apr 13, 2011 9:02 pm    Post subject: Like 0 Dislike 0 Hi tla, I will suggest you to contact a CPA and take his opinion in this matter. The CPA will be able to guide you better in this matter. Thanks
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Thu Apr 14, 2011 12:34 pm    Post subject: Like 0 Dislike 0 TLA, if you made income from the mortgage in question, then you ought to report it to the IRS (I take it that's what you're speaking of). If it was truly a wash and it ended up being a gift, then I'd have to surmise that you're home free. In any event, James' suggestion makes sense - a CPA or a tax advisor, etc. would be worthwhile speaking with. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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