Sorry for my poor wording.
I am very familiar with the 1099 for my contractors who are individuals.
On the loan: Someone else gave me and my wife money that we invested in a property and we are paying interest to him.
What is the name of your state? FL
I am working on my 1099 MISC filing for our contractors.
I just realized that we have a private loan that we used as a down payment for a property. It is not secured by a mortgage. If it was a mortgage, I would have to include it in a form 1098 I guess.
To write something "off" there needs to be other income to cover it. In my example income from me. So my price would be higher to pay for your problem. I don't like that.
Let us take another example. You spill gas when fuelling your car and do not want to pay it. You expect all others to pay...