swabby232
Sep 17, 2007, 01:27 PM
What are the procedures for holding a mortgage?
ScottGem
Sep 28, 2007, 04:39 PM
You get a promissory note signned by the borrower. You keep an accurate record of all payments and the P&I breakdown. You will need to report the interest paid yearly on a taxform (1099 I think) with copies to the borrower and the IRS.