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sgjohnson70
February 14, 2025
Question

How do I record income from Mortgage interest?

  • February 14, 2025
  • 1 reply
  • 0 views
I carry the mortgage for my son's home in Rhode Island. I live in Washington State.

    1 reply

    AmyC
    AmyC
    February 15, 2025

    You will report the interest you earned on Fed Sch B.  Follow these steps:

    1. go to federal income,
    2. interest, 
    3. skip import,
    4. received from -enter description like son's mortgage
    5. enter amount of interest
    6. continue, none,
    7. continue

    Rhode Island does tax non-source income but interest is only taxed when associated with a business or trade. Yours would not be taxable  according to RI DOR.

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