Is interest from a private loan considered taxable income and if so must the payer provide a 1099?

[VolvoGirl · Accepted solution]

Yes but you don't need a 1099 from them.

You must report all your income no matter how small, even $1 of interest that you don't get a 1099 for.  Enter interest received like a 1099-Int under
Federal Taxes tab
Wages & Income
Choose Jump to Full List -or I'll choose what I work on
Interest and Dividends
Interest on 1099INT - Click the Start or Update button

Put the interest amount in box 1
 

[mbkagels]

Thank you!!