I borrowed $25k from my brother as a personal loan at 4% interest for 5 years.
So I paid say $1000 interest in 2022.
Do I as a borrower give him a 1099-INT? And how do I send that to the IRS (mail? Electronic?). Do I also send a 1099-INT to the State as well (Massachusetts)?
He’ll of course declare the $1000 interest on his tax return.
thx
