I am always relieved to see you're still here year after year.
I am owner-financing an installment loan on a parcel of raw land and servicing the loan myself. I report capital gains and interest income each year. Is it an IRS requirement to:
- provide the IRS with the buyer's name, address, and SSN with my return
- provide the buyer with year-end totals that I declare in my return
Pub 550 mentions these for seller-financed mortgages when the buyer is living in a home I finance (including the amount of interest received, the buyer's name, address, and SSN). Short of a courtesy to the buyer and/or the IRS, are either written in stone as mandatory?
Your thoughts are appreciated!