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New Member
posted Feb 6, 2024 1:08:41 AM

How do I enter interest received on a personal loan?

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3 Replies
Expert Alumni
Feb 6, 2024 5:17:06 AM

Interest received on a personal loan is taxable and reportable on your tax return.

 

You enter this interest as if you have received a form 1099-INT.

 

In TurboTax, you can enter interest received by following these steps:

 

  1. In TurboTax, open your tax return
  2. Click on Federal in the left-hand column, then on Wages & Income 
  3. Locate the section Interest and Dividends and click on the arrow on the right
  4. Click Start next to Interest on 1099-INT.

Level 2
Feb 14, 2024 3:16:50 PM

Would it be the same for interest received on a private/personal loan backed by property in another state?  It's technically interest on a promissory note, not a mortgage.  I will be adding the interest as income to my Federal and home state returns, but would I have to also file a return in the other state as well?

Expert Alumni
Feb 14, 2024 3:20:12 PM

No, you do not need to file a return to report the interest income to the other state.