Investment Income

[pmedders]

Client lent $182,000 to person at 7% interest. Would portion of payment that is the 7%interest go on schedule B or should it be listed as investment income? Client does not have social security # of borrower and says he can't (I think won't) get it.

[JG EA]

Investment income

Unless client is in the business of loaning money this would be interest that goes on a schedule B. He doesn't need to put the SS# on his return unless he sold property on an installment sale and the buyer used the property as a home.