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I receive interest on a AFR mortgage loan made to a family member. How do I report it in Turbotax?

 
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pk
Level 15
Level 15

I receive interest on a AFR mortgage loan made to a family member. How do I report it in Turbotax?

Assuming that you have the proper legal documents to show the interest rate charged, and terms of  repayment etc., you report the interest earned just as if you had received a 1099-INT from a bank  ( similar what you would do for a land-contract ), you will need the SSN of the person that pays you the interest.

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pk
Level 15
Level 15

I receive interest on a AFR mortgage loan made to a family member. How do I report it in Turbotax?

Assuming that you have the proper legal documents to show the interest rate charged, and terms of  repayment etc., you report the interest earned just as if you had received a 1099-INT from a bank  ( similar what you would do for a land-contract ), you will need the SSN of the person that pays you the interest.

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