Report a loan that you, your spouse, or your dependent child made and the income from such a loan in Part 6. However, you do not need to report loans to certain members of your immediate family, as discussed below.

For You, Your Spouse, and Your Dependent Children

Part 6

The applicable statute excludes certain loans to family members from the reporting requirement.  You do not need to report personal loans made by you, your spouse, or a dependent child to a parent, spouse, sibling, or child.

Report a loan made to another party if the value of the loan was more than $1,000 at the end of the reporting period or if more than $200 in income was received during the reporting period.  The other party may be either a person or an entity.

Description:  Identify the party who owes the liability and write “loan” or “note.”  If the party is a relative, identify the party as a “family member” (e.g., “personal loan to a family member”).  If the party is a natural person (i.e., a human) who is not related to you, identify the party by last name only (e.g., “personal loan to Mr. Doe”).  If the party is an entity, identify the party by name (e.g., “personal loan to Wilson Widgets”).

EIF:  Select “N/A.”

Value:  Report the value of the loan by selecting the appropriate category.

Income Type:  Specify the type(s) of income if the total amount of income received during the reporting period exceeded $200.  Loans normally produce interest income.

Income Amount:  Select the category corresponding to the total amount of income received during the reporting period.

Click Here for Frequently Asked Questions