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Here is the situation: In 2008 I was full time employed, and on the side I am doing the Notes, which is loan the money out and making the interest income. Where shall I report the interest income? Is it consider a small business category? I also have a HELOC account that I borrow the money, pay the interest to the bank and loan it out as the Notes, can I deduct the interest that I paid for the HELOC account? Since I don't have enough itemized deduction, can I write it off somewhere else?

Thanks in advance for all the helps.

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