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February 23, 2025
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Where do I include interest from payments on a personal loan?

  • February 23, 2025
  • 3 replies
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I do not have a 1099 INT for a personal loan.
    Best answer by VolvoGirl

    Did you receive the interest from someone?   That is taxable.

    All you need to enter is the bank name or who paid you and put the amount in box 1.

     

    Enter interest received like a 1099-Int under

    Federal Taxes tab (Personal for Home & Business)

    Wages & Income

    Interest and Dividends

    Interest on 1099INT - Click the Start or Update button

     

     

    3 replies

    Employee
    February 23, 2025

    You cannot deduct interest paid for a personal loan.   You do not enter it anywhere.

    **Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
    February 23, 2025

    I received the interest on a loan I made to a family member.

    VolvoGirl
    VolvoGirlAnswer
    Employee
    February 23, 2025

    Did you receive the interest from someone?   That is taxable.

    All you need to enter is the bank name or who paid you and put the amount in box 1.

     

    Enter interest received like a 1099-Int under

    Federal Taxes tab (Personal for Home & Business)

    Wages & Income

    Interest and Dividends

    Interest on 1099INT - Click the Start or Update button

     

     

    February 23, 2025

    however, if you received interest on a personal loan you made, that's reported on form 1099-INT. list the persons name as the payer