Submitted By: Shigeru
Answered: September 16, 2016 1:26 pm

Is there any minimum amount of interest income needed for it must be reported on Form 1040?

All interest income must be reported on Form 1040, unless there is a special rule that applies (such as interest on U.S. savings bonds redeemed for higher education costs). Thus, whether or not you receive Form 1099-INT, which is only required if interest payments exceed $10, you must report the interest. If interest exceeds $1,500, you must complete Schedule B and then enter the total on Form 1040.

Tax Glossary

Real estate professional

An individual who, because of his or her real estate activity, qualifies to deduct rental losses from nonpassive income.

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