Should I send a 1099-INT

Forum|Forum|5 years ago
January 26, 2021
5 replies
44 views

I work for a real estate company, and one of our entities/properties paid interest to another one of our entities for a loan. Should I issue a 1099-INT? I'm not sure if the interest payment is reportable.

Kat11_2

Alumni - Champ

The interest income is definitely reportable, and taxable. I'd also think that the entity that PAID the interest would want to show that as an expense.

Do you typically issue tax documents for your real estate company?

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***

dothomasAuthor

Level 2

Yes, we typically issue 1099-MISC forms. Should I send a 1099-INT for the interest payment to the entity that loaned the money?

DianeW777

Alumni - Intuit

Yes, if the interest amount earned by the recipient is over $10 for the year you should file Form 1099-INT with the IRS, for the interest amount received.