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"O"man(are we in trouble)
Join Date: Nov 2005
Location: On the edge
Posts: 16,452
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Intra family loan
If you establish an intra family loan and are the recipient of the loan payments what is reportable on income tax. Are you required to report both interest and principal or just interest.
Seems like a pretty straightforward question but since interest and principal amounts change every month, it's a challenge to do the calculations. Any professional guidance would be appreciated. I'm not a CPA and I didn't spend last night at a Holiday Inn?? 
Last edited by widgeon13; 03-27-2017 at 02:08 PM.. Reason: move to off topic |
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03-27-2017, 01:23 PM
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"O"man(are we in trouble)
Join Date: Nov 2005
Location: On the edge
Posts: 16,452
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please move to off topic! THANKS.
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03-27-2017, 01:28 PM
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Checked out
Join Date: Jun 2009
Location: On a beach
Posts: 10,127
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You only report the interest.
There's tons of loan amortization calculators on line that will do the calculations for you. You just enter the loan details (amount, interest rate, payments made, etc.) and it does the rest. |
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03-27-2017, 02:25 PM
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"O"man(are we in trouble)
Join Date: Nov 2005
Location: On the edge
Posts: 16,452
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Thanks, I've done the caculatiinsl just didn't know what was necessary to be reported. Makes sense to me but just needed confirmation.
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03-27-2017, 02:32 PM
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