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I purchased farmland on contract. Do I need to send a 1099

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form for interest paid in...
I purchased farmland on contract. Do I need to send a 1099 form for interest paid in 2008.
Submitted: 8 years ago.Category: Tax
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Answered in 6 minutes by:
2/1/2009
Tax Professional: Merlo, Accountant replied 8 years ago
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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HelloCustomer

Only interest payments made in the course of your trade or business are reportable on a 1099 form. Interest payments made for pesonal loans or loans related to the personal purchase of property are not reported on a 1099.

You will still deduct the interet on your tax return, and will show the name and social security number of the person you paid the interest to. That will be sufficient for your reporting the amount of interest you paid and who it was paid to.

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank you.
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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Satisfied Customers: 9,783
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Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad

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