@MargaretL I have made an AFR loan to my son-in-law so he could contribute half the cost of a house that he and my daughter purchased. This is not a seller-financed loan since I did not previously own the house they bought. In the loan contract, his portion of the house is collateral. I declare the interest income and I assume he can claim the interest paid as a deduction. They recently hired a tax professional. I have Turbotax home and business 2023.
Am I correct in assuming that the interest income is entered as if I have received form 1099-INT, and all that I need to provide him is a copy of the loan amortization schedule calculator spreadsheet and a summation of the 2023 interest paid? If I need to do something more, how would I do that with my purchased Turbotax version?
