Pennsylvania REV-1507 Instructions -- Instructions for REV-1507 Schedule D — Mortgages and Notes Receivable provides taxpayers with instructions on how to report mortgages and notes receivable on their tax returns. These instructions apply to both residents and nonresidents of Pennsylvania who have mortgages or notes receivable. The Pennsylvania REV-1507 Instructions include two types of instructions: 1. Mortgage Instructions: These instructions explain how to report mortgages and the associated interest income on Schedule D. The taxpayer must include the total amount of mortgage interest received during the tax year, the date the mortgage was acquired, the name of the lender, the mortgage balance, the interest rate, and any associated interest points. 2. Note Receivable Instructions: These instructions explain how to report notes receivable and the associated interest income on Schedule D. The taxpayer must include the total amount of note interest received during the tax year, the date the note was acquired, the name of the lender, the note balance, the interest rate, and any associated interest points. When filing Pennsylvania REV-1507 Schedule D — Mortgages and Notes Receivable, taxpayers must also include details such as the type of loan, the loan origination date, and any associated fees.
Pennsylvania REV-1507 Instructions -- Instructions for REV-1507 Schedule D — Mortgages and Notes Receivable provides taxpayers with instructions on how to report mortgages and notes receivable on their tax returns. These instructions apply to both residents and nonresidents of Pennsylvania who have mortgages or notes receivable. The Pennsylvania REV-1507 Instructions include two types of instructions: 1. Mortgage Instructions: These instructions explain how to report mortgages and the associated interest income on Schedule D. The taxpayer must include the total amount of mortgage interest received during the tax year, the date the mortgage was acquired, the name of the lender, the mortgage balance, the interest rate, and any associated interest points. 2. Note Receivable Instructions: These instructions explain how to report notes receivable and the associated interest income on Schedule D. The taxpayer must include the total amount of note interest received during the tax year, the date the note was acquired, the name of the lender, the note balance, the interest rate, and any associated interest points. When filing Pennsylvania REV-1507 Schedule D — Mortgages and Notes Receivable, taxpayers must also include details such as the type of loan, the loan origination date, and any associated fees.
