I paid interest to a private party on a loan that I used for a real estate joint venture. The interest was just under $3000. Do I need to complete a form to give them?

Forum|Forum|7 years ago
June 1, 2019
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TurboTax Deluxe Online

Best answer by MargaretL

Yes, you do need to issue form 1099-INT, since you paid more than $600.

You must issue the form to whom you paid at least $10 of interest (or at least $600 of interest paid in the course of your trade of business) per IRS 1099-INT instructions.

MargaretLAnswer

Level 12

Yes, you do need to issue form 1099-INT, since you paid more than $600.

You must issue the form to whom you paid at least $10 of interest (or at least $600 of interest paid in the course of your trade of business) per IRS 1099-INT instructions.

TuTU196844

Level 2

The question was: What if the Payor never sent a 1099-int on interest paid on a note secured by real estate ? Amount approx $7,000. Without a 1099-int, how to verify the amount to be reported on scheduler's. B

TuTU196844

Level 2

Appoximately $7,000 of interest received from a private party due on a note secured by real estate BUT, no 1099-int was sent by the payor. How duo we prove the exact amount ?