How to report income for lending side gig

[jmo28]

Basically, as a side gig, i am a hard money lender on a couple of house flips. One of them generated some interest income for me this past year. On that deal, I am  partnered with 2 other individuals.  I have a  47% interest, one partner has 48% and the person that acts as the broker/arranger and who collects the payments from the borrower and distributes them to us has a 5% interest.  I asked the guy with the 5% interest if he sends out a 1098 to the Borrower and/or a K-1 to us.  His response was "no, we're not obligated to send out anything, you just self report your income".   

This guy has been doing this for years, but this seems incorrect to me.  I have been getting steady monthly payments from the Borrower since April of last year, so my question is how do i declare it?  Should i have sent out a 1098?  Or should I just report it another way (ie as misc or something else)?  We're not talking a gigantic amount of money, but its definitely an amount i have to report.  

[DaveF1006]

if you are using the TT Self-Employed or Turbo Tax Home and Business, you would enter these interest payments as other income in the income section of the return. In the other income section, you would give a description of what the interest payments are so that the IRS knows you reported this.

if you are using another product other than the business version, you will enter these payments by doing the following:

1. federal>income and expenses>less common income>Miscellaneous Income, 1099-A, 1099-C
2. Scroll down to other reportable income start
3. Next screen asks Any Other Taxable Income? yes
4. Next screen you will enter a brief description of the interest payments and amount

[jmo28]

thanks so much

i was just going to enter it as 1099-INT income; is that sufficient?  (not a problem if not-i just had done it that way already because i found a discussion on here with a similar question).  I was just about to file but can change. 

[RobertG]

Yes, you can just report it as interest, even if you did not receive a 1099-INT.

@jmo28