How to report interest paid to self

In Aug 2019 my wife and I loaned personal funds to our rental property LLC to pay off the mortgage on one of the properties in that LLC. Our attorney drew up an amortization schedule. Where do I report the interest earned from that loan on my 2019 tax return?

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1 Best answer

Expert Alumni

Apr 13, 2020 12:22:14 PM

If your LLC paid you interest, you should report it AS IF you had received a form 1099-INT form a bank.

In TurboTax, you can enter your form 1099-INT by following these steps:

In TurboTax, open your tax return
Click on Federal in the left-hand column, then on Wages & Income on top of the screen
Scroll down to All Income, locate the section Interest and Dividends and click on Show more
Click Start next to Interest on 1099-INT.

Expert Alumni

Apr 13, 2020 12:22:14 PM

If your LLC paid you interest, you should report it AS IF you had received a form 1099-INT form a bank.

In TurboTax, you can enter your form 1099-INT by following these steps:

In TurboTax, open your tax return
Click on Federal in the left-hand column, then on Wages & Income on top of the screen
Scroll down to All Income, locate the section Interest and Dividends and click on Show more
Click Start next to Interest on 1099-INT.

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How to report interest paid to self