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Where do I report interest income received from a private individual and not from a 1099-INT?

 
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4 Replies

Where do I report interest income received from a private individual and not from a 1099-INT?

you use a 1099-INT.

 

Where do I report interest income received from a private individual and not from a 1099-INT?

It is reported using the Seller Finance section even if you did not "sell" the property but are just holding paper: 

 

seller financed int.jpg

 

 

Where do I report interest income received from a private individual and not from a 1099-INT?

Unless you are in the business of loaning money ... if so post back for more information. 

PattiF
Expert Alumni

Where do I report interest income received from a private individual and not from a 1099-INT?

Here's how to enter interest income from a private individual on Schedule B:

  1. Log In to TurboTax Online,
  2. Under Income and Expenses tab, scroll to "Investment and Savings
  3. Click Start for Interest (1099-INT), Choose enter a different way, and I'll type it in  myself
  4. Fill in Let's get the info from your 1099-INT
  5. The amount of interest will be transferred over to Schedule B of 1040 form.
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