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Author: donstim Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121263  
Subject: Re: Loan made to another party Date: 12/26/1998 4:08 PM
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[[What do I need to do to properly report payments made to me in repayment of
a loan I made to another individual? ]]

>It depends on if the loan was simply an "unsecured" >loan, or if the loan was secured with real property.

[[ However, is there a
form I need to file with the IRS and send to this individual to allow him to deduct
the interest payments from his taxes (assuming he is eligible for itemizing his
deductions)?]]

>Again, the answer is yes. But that form will be >different if the loan is secured by real property or >simply an unsecured loan. If you'll clarify your >question, I'll be happy to provide you with >additional information.

Thanks for the quick response, Roy. It is an unsecured loan made at a market rate.

Don S.

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