Loan to brother is being paid through Evergreen Note Servicing. Rec'd annual statement showing Interest income to me. Do I report this on my taxes.

erv7757 · ‎June 4, 2019

I took out a second loan on my home to lend to my brother. He is paying me the monthly payment, which goes directly to Chase Bank. My brother has an account with Evergreen Note Servicing who pays me the monthly payment. I received an annual statement providing the monthly payment amount and breaks down how much of the total amount paid was applied toward principal and interest. The statement notes my social security as the recipient and indicates the total interest paid as interest income under my social security. Do I have to report this as income?

Marketstar · ‎June 4, 2019

Yes, the IRS requires taxpayers to report all interest income.

To enter interest income:

• Type in 1099-int the search box, top right of your screen, then click the magnifying glass
• Click the jump to 1099-int link in the search results
• Follow to prompts and online instructions

Arrive at the Let's get your 1099-INT or brokerage statement details page

Type in the source of your income in the Received from field
Enter the interest income in Box #1 Interest income field

Loan to brother is being paid through Evergreen Note Servicing. Rec'd annual statement showing Interest income to me. Do I report this on my taxes.

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