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intrest on personal loans

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H

hawkjm73

Guest
Arizona

How does one report the intrest on a person to person private loan. (A.E. I give a friend $1000 and after a month he gives me $1000 plus $150 intrest.) What would the tax rate be for such income?
 


A

abezon

Senior Member
Report the interest on Schedule B & list his name as the source of the income. Interest is taxed as regular income.
 
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