"sherry" <spetry2[at]aol.com> wrote:

- quote -

Interest is reported on Schedule B. The source is irrelevant.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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sherry wrote:

- quote -

Correct. your interest "earnings" do go on schedule B (if
total of all exceeds 1500$). And just his name suffices, no
need to report address or federal ID number, which would be
required if he had bought a personal residence from you.
But I digress.

ChEAr$,
Harlan Lunsford, EA n LA

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spetry2[at]aol.com (sherry) wrote:

- quote -

The interest goes on Schedule B. The principle does not get
reported at all.

Missy Doyle

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"sherry" <spetry2[at]aol.com> wrote

- quote -

Yes. Describe the interest source sufficiently though. ie:
"niece's husband loan"

--
Paul A. Thomas, CPA
taxman at negia.net

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spetry2[at]aol.com (sherry) posted:

- quote -

Yes, your earnings (i.e., the interest paid you) should be
reported on Schedule B. It won't matter that the loan was
made to the husband of your niece, since you're properly
reporting interest paid and earned. (If you'd made a
"no-interest" loan, you might have had to report "imputed"
interest ... but you are OK.)

Bill

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spetry2[at]aol.com (sherry) wrote:

- quote -

Interest received from a personal loan is ordinary income,
and reported on Schedule B. What the loan was used for is
not your concern.

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spetry2[at]aol.com (sherry) writes:

- quote -

Yes.

Phil Marti
Clarksburg, MD

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I was repaid a loan with interest. Do my earnings simply go
on Schedule B? Does it make a difference if I made the loan
to my niece's husband who owns a mobile home park? He used
the money to buy mobile homes which he then sold to persons
moving into the park. I know nothing about the business and
was not a party to his transactions.

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