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I loaned my grandchildren money because the interest is better than the banks offer and my grandchildren get a better rate from me than what they can get for a home equity loan. How should this be reported for tax purposes?


ANSWER


Expert Todd Alexander's Answer:

The interest income you receive is reported on line 8a on the Form 1040 and summarized on Schedule B if you have over $1,500 in interest and dividend.

Todd Alexander, CPA

California

20 yrs experience

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