Discussion:1099-INT Filing Requirement
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Discussion Forum Index --> Advanced Tax Questions --> 1099-INT Filing Requirement
Discussion Forum Index --> Tax Questions --> 1099-INT Filing Requirement
| 15 December 2007 | |
| I am confused as to the Form 1099-INT filing requirements. In the IRS instructions for Form 1099-INT under "Interest excluded from reporting", the first sentence says in part "You are not required to file Form 1099-INT for interest on an obligation issued by an individual ..." This seems to me to clearly apply to a loan from a shareholder/partner, or to nearly any small business with a loan from any individual. However, when I tried to find something confirming my interpretation of this, I find lots of discussions, generally concluding that you have to file the form. What am I missing? Isn't a loan from an individual an "obligation issued by an individual"? | |
| 15 December 2007 | |
| I have not researched this, but the grammar and syntax of the statement you are quoting indicates that obligation is issued by the individual, i.e., the individual is the borrower, not the lender. In your question you are asking about a loan FROM the individual to the business entity. Does that possibly explain your consternation? | |
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