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tdmohn
New Member

How do you report interest income from a loan to a dependent?

I loaned my child money for a new vehicle and by law I must charge him interest.  How do I report the interest income and what documentation do i need?

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Accepted Solutions
MichaelL1
Level 15

How do you report interest income from a loan to a dependent?

You go to interest income section of the income area, and instead of a bank type in son's name and list the interest income you received during 2017.

You do not to send IRS any documentation, however keep you loan records and how the interest was computed in your tax file.  

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1 Reply
MichaelL1
Level 15

How do you report interest income from a loan to a dependent?

You go to interest income section of the income area, and instead of a bank type in son's name and list the interest income you received during 2017.

You do not to send IRS any documentation, however keep you loan records and how the interest was computed in your tax file.  

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