Use this form to transmit mortgage/note interest to the Internal Revenue Service. Once you buy a Note and have collected interest on it you must fill this out. This is the form you fill out at the end of the year for all the interest paid to you on each Note you collect. You may want to have a bookkeeper or your accountant fill these out for you. This is something you can do yourself. Each Homeowner that pays interest on a note will get one from you. There are multiple copies to this form. Just remember everything on the Red Form goes to the IRS. You can send the homeowner two copies and you keep one copy for your own records and tax purposes.
You will find this form online at: https://www.irs.gov/pub/irs-pdf/f1098.pdf These forms are available for free on the Internal Revenue Service website. Order them the prior year to get them on time. If you forget you can buy them at most large business supply stores like Office Depot. They do charge for these forms so try to remember to order.
I hope you find this information helpful. If you are interested in selling your note we might be your buyer. Please feel to contact us and we will make you an offer.
Best of Luck,