Declaring repayment of loan to business

dden — Thu, 06 Jun 2019 00:34:24 GMT

I made a loan to my son so he could purchase rental property. He has made regular payments (interest + principal) throughout 2016. Because the money for the loan comes from a HELOC on my home, I've received a 1098 from the bank.
How do I correctly declare the income from my son (his payment goes directly to interest and principal on my HELOC)?

Since this was a loan, the principal payments that you re...

AmyT — Thu, 06 Jun 2019 00:34:26 GMT

Since this was a loan, the principal payments that you receive are not considered to be income.

You will include the interest that you received on schedule B.

To get to the input screen for schedule B:

Once signed into your account, click on Search at the top of the screen
Input "interest income" into the search box and hit Enter
The first link available should be Jump to interest income - click on this link
You will be taken to the screens to enter the information

topic Declaring repayment of loan to business in Business & farm

Declaring repayment of loan to business

Since this was a loan, the principal payments that you re...