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Visitor II

how to offset some income on 1099INT

I made a loan of $100K at 9% to an entity and received a 1099INT for $9K as interest income. That $100K costs me 4% as interest I have to pay to a bank.  How do I reduce, or offset, the $9K gain from the 1099INT?

 

 

1 Comment
Catalyst V

how to offset some income on 1099INT

If you are in the business of lending money, then the 4% would be a business expense.