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loans owed to me

Submitted by mike azevedo on 20 February 2010 - 9:15pm

this question was askes by james 2 years ago and never answered. i am looking for the answere to this question.

mike

I've loaned money to a child that she used to buy a home. She pays an amount each month which is taxable to me (interest) and part which is return of principal and not taxable. This loan will continue for 15 years. How do I enter the income? I thought of entering the interest payments and the principal payments as separate special receipts but there is no way to negatively "grow" the interest amount since this decreases every year. Must I enter each year's interest & principal and select "in dollars" for each?

Thanks
James

‹ Inheritances inputting receipts ›
Submitted by Laurence Kotlikoff on 21 February 2010 - 12:46am.
1

Hi James, Unfortunately, at the moment what you propose doing is the only way to handle this in our program. You can use Excel to determine the annual amounts. If you need help with this, call me at 617 834 2148. best, Larry

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