I had to give out a 1099 misc form to someone

[scottstrom_11]

I had to give out a 1099 misc form to someone. How do I add to my taxes that I had to give someone one. It was for some money I borrowed from them and they had me give them this form when I paid them back. The amount was $1500.00

[TomYoung]

First, there was no need for a 1099-MISC in this situation.  Borrowing money and paying back the principal certainly doesn't require a 1099-MISC.  Borrowing money and paying back the principal just isn't a "tax event" in any sense of the word.  If you paid some interest then that would be reportable income on the part of the recipient but informal lending situations such as you describe still wouldn't require any sort of "1099" reporting.

You don't report this 1099-MISC anywhere in your income tax return.  It's certainly not income to you or a deductible expense.  Even if you paid some interest with the pay back that's still not deductible because interest on personal loans simply isn't deductible. 

Tom Young

[puja]

We are an LLC and borrowed money from a lender who is also an LLC. Do we issue them a 1099 for the payments we have made them? I understand that the 1099INT is the reverse situation and usually comes from a banking institution but in our case we were the ones paying interest.