1099INT for private loans

[Eli C.]

I have a number of private loans to me. I am paying interest on these loans, but since they are private individuals they wont be submitting 1099INTs to me.

How do others deal with this?

[Steven Hamilton II]

You should be receiving a 1098 for the interest paid. If it is not secured by property you should be issuing a 1099-INT for interest paid to that person or business.

1099-INT is issued to the person who received the interest.

1098 is issued to the person who paid interest.

You should have an amortization schedule that you should be able to use.

My clients call me with questions like this all of time.

-Steven