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Old 10-15-2010, 08:58 AM
Mama Zappa is offline
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Join Date: Feb 2003
Posts: 12,412
Oh - and as I understand it, the hundred dollars is reported to the IRS as income - which makes sense. Plus of course whatever earnings you have on that hundred dollars, that would be either interest or dividend. They don't send out 1099s for the interest income unless a single loan's income is greater than 10 dollars, which is annoying. You could have 5 bucks in income on each of a hundred loans, but you won't get a 1099. I assume then you just have to take the figures from the year-end statement and plug those into the tax forms. Whether it should be interest (how I treated my 79 cents last year), or dividend, I'll need to check before this coming January.