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I lent $85k to my own two partner LLC to purchase a property. I hold this as an interest bearing note against the property. I have been receiving a 1099-INT at the end of each year. Now, since the company is profitable I am beginning to repay that original loan. Where on my 1040 do I state that this is a repayment of a loan so that I don't have to pay taxes on the return of my own money?

  • Do you even mention it on your 1040? I don't think so. (You probably want to retain some evidence that it's a loan repayment in case the IRS asks...) – RonJohn Mar 12 at 8:00

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