Is interest on a loan paid to a bank 1099-reportable?


We spoke with IRS reporting specialist Mr. McLaughlin (#1002957178), who said no, you should not report interest you paid to the bank. See IRS Instructions for Forms 1099-INT and 1099-OID, page 5, column 1.

(By the way, Mr. McLaughlin also noted that you should receive a statement from the bank that includes the interest you paid them, much like a year-end mortgage statement.)

Have more questions? Submit a request