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If you received interest from a personal loan, YOU do not complete a 1099-INT. If anybody completes one, it is the person paying you the interest. But individuals do not usually have to file a 1099-INT, just banks and similar companies. You report the interest from your own records. You report the interest on schedule B, but you don't send anything to the person paying you unless the loan is a mortgage. Then you send form 1098
If you received interest from a personal loan, YOU do not complete a 1099-INT. If anybody completes one, it is the person paying you the interest. But individuals do not usually have to file a 1099-INT, just banks and similar companies. You report the interest from your own records. You report the interest on schedule B, but you don't send anything to the person paying you unless the loan is a mortgage. Then you send form 1098
Right. You can report this interest as if you received a 1099-INT. Just enter the payor's name, and the amount of interest you received. Since this is not a mortgage, they can't deduct this interest and no Social Security Number is needed.
Please feel free to post any additional details or questions in the comment section.
I loaned family members to buy rental real estate and they pay me interest monthly. I understand that neither of us need to file a 1099 for the interest, just report the interest earned on my taxes. How should it be included on my taxes? Do I need to put their name and socials on the payer's interest, basically what goes onto the form? Also, since the loan was used to purchase a rental property can they deduct the interest paid to me? Thanks for the consideration
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