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I receive 550.00 dollars a month from a family member for money that he owed my father. my father passed away and in his contract they signed it stated i would recieve the payments.
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You inherited the loan contract from your father. Inheritance is not taxable and you do not report it on your tax return.
The debtor is paying you $550 a month. If the loan stipulates that there is interest, then the interst part of the payment is taxable and you have to report the interest on your tax return.
If there is no interest and the $550 is only repayment of the loan principal, then you have nothing to report on your tax return.
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