The TaxAct program will allow you to e-file up to 20 Seller-Financed Mortgage (SFM) statements. If you have more than 20 SFM statements, you can still complete your tax return in TaxAct, but you will not be able to e-file.
To ensure the correct amounts will be transferred to the main return, total the amounts of each SFM statements into one amount. You will type the "SEE ATTACHED" text into the Issuer name field and enter the consolidated amount.
Next, create an attachment detailing each of the SFM statements as they would be displayed on Federal Schedule B (Form 1040), and submit that statement with the rest of the return when you mail it to the IRS. You could provide that detail on a handwritten sheet of paper or use a spreadsheet or document program to create the details.
To enter the interest income from a seller-financed mortgage into the TaxAct program, follow the steps in the Seller-Financed Mortgage FAQ.
When you print the return, you will see the total interest listed on Line 8a of Federal Form 1040 and, IF the amount entered in total requires Federal Schedule B to print with the return, you will see "SEE ATTACHED" as the description for the name of the payer. You must paper-file the return, including your statement of the details.