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Roseyrocket
New Member

Entering interest earned on private loan and entering interest paid on monies borrowed to make the loan

Borrowed money from our broker and in turn lend it out to relative as an interest bearing loan to him.  2 part question: (A) where do I enter the interest received from relative? (B) where do I enter the interest expense I pay the broker for the loan?
1 Best answer

Accepted Solutions
PaulaM
Employee Tax Expert

Entering interest earned on private loan and entering interest paid on monies borrowed to make the loan

Enter the interest received as if you received a 1099-INT form.

  • In your open return, select My Account
  • Tools
  • Topic Search
  • Type '1099-INT in the box, then select GO

For the investment interest paid (criteria needs to be met and there are limitations):

  • In your open return, select My Account
  • Tools
  • Topic Search
  • Type 'investment interest deduction, form 4952' in the box, then select GO
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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1 Reply
PaulaM
Employee Tax Expert

Entering interest earned on private loan and entering interest paid on monies borrowed to make the loan

Enter the interest received as if you received a 1099-INT form.

  • In your open return, select My Account
  • Tools
  • Topic Search
  • Type '1099-INT in the box, then select GO

For the investment interest paid (criteria needs to be met and there are limitations):

  • In your open return, select My Account
  • Tools
  • Topic Search
  • Type 'investment interest deduction, form 4952' in the box, then select GO
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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