I took out a second loan on my home to lend to my brother. He is paying me the monthly payment, which goes directly to Chase Bank. My brother has an account with Evergreen Note Servicing who pays me the monthly payment. I received an annual statement providing the monthly payment amount and breaks down how much of the total amount paid was applied toward principal and interest. The statement notes my social security as the recipient and indicates the total interest paid as interest income under my social security. Do I have to report this as income?
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