How to report income from lending hard money to fl...
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daweigedavid
Returning Member

How to report income from lending hard money to flip house?

Hi all,

In 2019, I lend money using using my personal checking account to a realtor friend I know to flip houses.  I am not actively participating in the flipping process other than lending money, and the house is not under my name.

 

How do I report such income in Turbotax? What form should I use?

 

Thanks,

David

3 Replies
Anonymous
Not applicable

How to report income from lending hard money to flip house?

how is the amount he pays you determined?   if he's splitting profits, you are probably engaged in a partnership for which a tax return should have been filed.     if it's intended to be interest he should have issued you a   1099-int.   what did you agree to with the realtor and is it in writing?  

daweigedavid
Returning Member

How to report income from lending hard money to flip house?

Thank you for your reply. Yes the profit is being split and it is just what i receive  an agree upon percentage of the net profit. 

daweigedavid
Returning Member

How to report income from lending hard money to flip house?

Thank you for your reply. Yes the profit is being split and it is just what i receive  an agree upon percentage of the net profit. 

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