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April 3, 2022
Question

Income in another state?

  • April 3, 2022
  • 1 reply
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My wife loaned money to a company that was flipping a house. She was paid back in full and also received a profit. I know in this case I need to report this as interest. However, what I don't know is whether or not this is considered "income from another state," or if I just report it as interest income.  We live in MD and the flipped house was in FL. Thanks.

    1 reply

    LeonardS
    April 3, 2022

    No, this is not income from another state,  You will report it as interest on your federal tax return.  It is no different than if you received interest from a bank in FL.

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