My child is thinking about a home purchase and I was considering financing the loan myself, and thereby providing a much better rate, no closing costs, etc.; my question concerns end of year tax considerations.
My child would claim the interest paid, and I would claim the interest income, but how does an individual go about reporting this? Financial institutions send a 1099; can an individual do the same, and how do you go about it?
Anyone have any thoughts on this? Thanks.
2007-05-03
15:02:03
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4 answers
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asked by
John W
3
in
Business & Finance
➔ Taxes
➔ United States