1099-INT to individual?
Everyone keeps saying we need to send a 1099-INT to private money lenders we get loans from, but as I read the Instructions for 1099-INT, right at the end of the first page, it says in the paragraph Interest Excluded from Reporting, "You are not required to file Form 1099-INT for interest on an obligation issued by an individual, ..." I loaned personal money to my LLC (which used it to buy an investment home), and it is paying back with interest. I don't see that the LLC needs to issue me a 1099-INT. I do report the interest income on my personal taxes. Anybody out there know anything different?