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Interest on a private loan

I didn't rec. a 1098 from my private lender. I had the loan (to my real estate partner and me) for 3 years. I don't think I've claimed the interest before. What do I do?
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Employee Tax Expert

Interest on a private loan

Is this for your home mortgage? You can deduct interest if it's secured by your main residence. If you don't have a 1098, you would simply enter the interest in the space for box 1 as if you received one.

When you say real estate partner, can you explain what this loan is for? If this is not your personal residence, you'd either deduct the interest paid in the rental section of TurboTax, or as investment interest expense (which is limited to the amount of investment income you had for the year).

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Highlighted
Employee Tax Expert

Interest on a private loan

Is this for your home mortgage? You can deduct interest if it's secured by your main residence. If you don't have a 1098, you would simply enter the interest in the space for box 1 as if you received one.

When you say real estate partner, can you explain what this loan is for? If this is not your personal residence, you'd either deduct the interest paid in the rental section of TurboTax, or as investment interest expense (which is limited to the amount of investment income you had for the year).