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Condor556
New Member

I loaned money to my daughter and son-in-law which they are paying back in monthly installments at a 3.5% rate. How do I report the interest income?

 
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Howard1948
Level 7

I loaned money to my daughter and son-in-law which they are paying back in monthly installments at a 3.5% rate. How do I report the interest income?

Include the interest income as if they had given you a Form 1099-INT reporting it.  Include the interest in Box 1.

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2 Replies
Howard1948
Level 7

I loaned money to my daughter and son-in-law which they are paying back in monthly installments at a 3.5% rate. How do I report the interest income?

Include the interest income as if they had given you a Form 1099-INT reporting it.  Include the interest in Box 1.

Condor556
New Member

I loaned money to my daughter and son-in-law which they are paying back in monthly installments at a 3.5% rate. How do I report the interest income?

Very helpful. Thanks for your prompt response!
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