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rcc1
New Member

I issued a 1099-INT to an individual for interest I paid on a personal loan in 2016.....how/where do I enter it?

 
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MargaretL
Expert Alumni

I issued a 1099-INT to an individual for interest I paid on a personal loan in 2016.....how/where do I enter it?

The data entry depends on the nature of the loan:

If this is a personal loan, the interest is not tax deductible, unfortunately.  

If this a business loan (I'd like to add this option here, as you are typing from TurboTax Self-employed), you may deduct the interest as your business expense; simply revisit Business expenses section, you may put your own description and amount for the deduction.

If this a personal loan that meets the requirement of a secured debt (such as mortgage), you would deduct the interest as a regular mortgage interest.

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1 Reply
MargaretL
Expert Alumni

I issued a 1099-INT to an individual for interest I paid on a personal loan in 2016.....how/where do I enter it?

The data entry depends on the nature of the loan:

If this is a personal loan, the interest is not tax deductible, unfortunately.  

If this a business loan (I'd like to add this option here, as you are typing from TurboTax Self-employed), you may deduct the interest as your business expense; simply revisit Business expenses section, you may put your own description and amount for the deduction.

If this a personal loan that meets the requirement of a secured debt (such as mortgage), you would deduct the interest as a regular mortgage interest.

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