Solved: How to report interest paid on HERO loan since no 1098? Riverside county finances loan. Do we report an EIN?

accoun5 · ‎12-07-2019

1) 8/31/18 Taxpayer lives in Riverside and took at a HERO loan to finance a solar panels and inverters.
2) The Final Payment Summary just starts with tax "year starting July 1" for fiscal year 2019-2020 and lists the interest portion of annual payment.
How do I find out the interest paid in 2018?
3) How do you report the interest on Schedule A? Hero uses the county of Riverside to finance the loan. There is no 1098. Don't you have to report the payee's EIN and address when you report the mortgage interest that isn't on Form 1098?

itonewbie · ‎12-07-2019

Without a 1098 and if there is no breakdown on any of the statements, your client may like to contact the office responsible for the loan to find out the exact number or refer to the amortization table for an estimate of the interest payment.

Provided a 1098 was never issued, the interest paid is reportable on Line 8b instead of 8a and no EIN would be required.

You should also refer to the property tax bill and adjust the deductible amount for HERO as well as local benefits taxes, if any.

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Still an AllStar

View solution in original post

itonewbie · ‎12-07-2019

Without a 1098 and if there is no breakdown on any of the statements, your client may like to contact the office responsible for the loan to find out the exact number or refer to the amortization table for an estimate of the interest payment.

Provided a 1098 was never issued, the interest paid is reportable on Line 8b instead of 8a and no EIN would be required.

You should also refer to the property tax bill and adjust the deductible amount for HERO as well as local benefits taxes, if any.

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Still an AllStar

accoun5 · ‎12-07-2019

Thanks so much for your wisdom.

itonewbie · ‎12-07-2019

NP

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Still an AllStar

How to report interest paid on HERO loan since no 1098? Riverside county finances loan. Do we report an EIN?

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