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.
No. keep good records that his loan was used to remodel the rental. failure will cause issues if you are audited.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
