1099-Int

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  • tonia2021
    Senior Member
    • Mar 2007
    • 119
    #1

    1099-Int

    What is the requirement for filing a 1099-int? My client borrowed money from her parents and paid interest to them. Does she need to file 1099-int?
    Tags: None
    • BP.
      Senior Member
      • Oct 2005
      • 1750
      #2
      Originally posted by tonia2021
      What is the requirement for filing a 1099-int?
      Instructions here:
      http://www.irs.gov/pub/irs-pdf/i1099int.pdf


      Not a mortgage note, was it?

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        • tonia2021
          Senior Member
          • Mar 2007
          • 119
          #3
          Not a mortgage loan. Just a personal loan that was paid back including interest.

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            • ChEAr$
              Senior Member
              • Dec 2005
              • 3872
              #4
              Originally posted by tonia2021
              What is the requirement for filing a 1099-int? My client borrowed money from her parents and paid interest to them. Does she need to file 1099-int?
              Only if client borrowed money for business purpose, e.g. schedule c business.
              For a personal loan, no.
              ChEAr$,
              Harlan Lunsford, EA n LA

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                • taxea
                  Senior Member
                  • Nov 2005
                  • 4292
                  #5
                  see taxable interest, page 6-5 TTB
                  Believe nothing you have not personally researched and verified.

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