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mgc6288
Level 3

1099-INT rental loan?

I purchased a rental in 2023 and took out a loan from my father-in-law last January 2024 to do some remodel work.  I assume I can write off the interest I have been paying on that loan on Schedule E line item 13 "Other Interest?" 

 

Do I need to 1099 him?  There is a contract in place.

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2 weeks ago
last updated ‎January 18, 2025 4:49 PM
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Mike9241
Level 15
Level 15

1099-INT rental loan?

No. keep good records that his loan was used to remodel the rental. failure will cause issues if you are audited.  

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2 weeks ago
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Mike9241
Level 15
Level 15

1099-INT rental loan?

No. keep good records that his loan was used to remodel the rental. failure will cause issues if you are audited.  

2 weeks ago
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