For 2006 I lent money out as a private money lender The question I have is what form do I need to give to the owner of the note I was holding?
I recieved a letter today from the owner and he is requesting from me the interest related tax info.
I believe I need to give him a 1099 showing what he has paid any assistance would be appreciated
1099s are given to people who earned money as contractors and so forth.
I think what you might issue is a 1098.
You may not be obliged to do this, I’m guessing, depending on the scope of your business. Certainly not everyone who makes one loan needs to do this…doesn’t seem possible.
Appreiate the help
Doing my research that is what I came up with giving the person who paid me a 1098 for the interest he paid me.