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According to the IRS web site
File Form 1099-INT, Interest Income, for each person:
To whom you paid amounts reportable in boxes 1, 3, and 8 of at least $10 (or at least $600 of interest paid in the course of your trade or business described in the instructions for Box 1. Interest Income on page 2"
What else can I help you with?
Is interest expense a selling or general and administrative expense?
Interest expense is neither selling or administrative, and it's too significant to be called a general expense. Interest expense is usually called a finance expense and is usually listed separately from SG&A, on the Income Statement
What is the journal entry to record accrued interest expense?
Debit Accrued Interest Expense Credit Accrued Interest Payable
When will you get your 1099 form reporting interest on your life insurance policy?
A 1099-I must be sent to you by the end of January of the year after the interest was paid or earned. So, for the tax year 2008, the 1099-I must be mailed by January 31, 2009.
What is cash interest expense?
A cash interest expense is a cash amount that accrues interest. These types of expenses vary depending on the type of account and the money present in the account.
What is the journal entry of accrued interest?
[debit] Interest expense [credit]interest payable
What is the minimum amount of income that requires a 1099 to be filed for 2008?
Depends on the type of income. Even 1c of interest income must be reported and filed on a 1099 for example.
What journal entry accrues interest expense?
DR - Interest Expense CR - Interest Payable
When does an individual have to issue a 1099 for interest paid?
An individual must issue a 1099 for interest paid if the amount of interest paid is 10 or more in a tax year.
Is interest expense a selling or general and administrative expense?
Interest expense is neither selling or administrative, and it's too significant to be called a general expense. Interest expense is usually called a finance expense and is usually listed separately from SG&A, on the Income Statement
Where does interest expense in the income statement?
Interest expense is shown at debit side of income statement because it is an expense for business.
Do I need to issue a 1099 for interest paid on a loan?
Yes, you may need to issue a 1099 for interest paid on a loan if the interest amount is 600 or more in a tax year.
What is the journal entry to record accrued interest expense?
Debit Accrued Interest Expense Credit Accrued Interest Payable
Unused fees on credit line should be operating expenses or interest expense?
Interest Expense
How much interest do you need to earn in order to receive a 1099 form?
You typically need to earn at least 10 in interest in a year to receive a 1099 form.
Why debenture interest is expense but not within operating expense?
Issuance of debendutres is not an operating activity that's why interest on debenture is also a non operating expense
Are purchases of supplies included on a 1099?
Purchases of supplies are not included on a 1099, instead they are included as an expense on a Schedule C Business Form when you file your income taxes.
How is Interest Expense with a credit balance classified in the financial statements?
An Interest Expense with a credit balance is reclassified as Interest Payable on the Balance Sheet.
