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Business & farm
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
March 17, 2023
9:22 AM