Entering 1099-INT information for interest paid

[mrhurd69]

I am buying my parents shares in a small C corporation.   They are carrying the note.  I had to file a 1099-INT for the interest I paid them but not sure how to enter this in Turbo Tax.  I use home and Biz as I also have a small farm and another small private business.  Any ideas on how to inter this?

[ThomasM125 · Accepted solution]

The purchase of stock in a corporation would be an investment. Interest expense associated with that would be investment interest. You enter that in the Deductions and Credits section, then Retirement and Investments, then Investment Interest Expenses.

[mrhurd69]

Thank you for answering.  If I could ask one more question?  The corporation issued me a one time check so I could make the 'down payment' on these shares which I now make a monthly payment for.  I was given a 1099 misc.   This wasn't for wages (although could be argued as such) but a onetime payment for an investment in a c-corp to make me majority shareholder.  How or where would I list this?  Again using Turbo Tax home and biz. If get this figured and I might actually get done by the 15th.  Thank you again.